EXECUTIVE SUMMARY:

Is spending almost $3,000 on cyber security per employee, per year, a little too much? Prior to the pandemic, financial institutions raised their game by raising their investments in human capital.

Half of this new spending was directed towards cyber monitoring and operations, endpoint and network security, along with identity and access management.

Given the new perils catalyzed by the coronavirus pandemic, an expansive and vigilant approach to cyber security is a must.

Here’s why:

  • Between February and April of 2020, cyber attacks against banks increased by 238%.
  • A top US Secret Service official stated that over $30 billion in stimulus funds would likely make its way to hackers.
  • Hackers are targeting mobile banking apps.

Financial institutions should aim to avoid reductions in cyber security spending, state experts. “Given the increased push toward digitization and the challenges raised by new, often remote work environments, as well as an increase in insider threats, cyber risks confronting most organizations are intensifying.”

Cyber security researchers recommend that financial institutions reassess and upgrade endpoint security. Get modern features like threat emulation, threat extraction, anti-ransomware, zero-phishing, and more. The right endpoint security can also help organizations enforce zero-trust on endpoint devices.

Transform your security now and stay ahead of the threats. To read Deloitte’s analysis of cyber security within financial institutions, click here.