Six ways banks can ensure watertight cybersecurity in a hostile digital world

70% of UK financial organizations now cite cyberattacks as a main risk to financial stability. This is no surprise, considering financial institutions are 300 times more likely to confront cyberattacks than any other industry. It’s a difficult landscape for leaders in the banking industry to navigate – banks are increasingly interacting with more technology; however, this also increases risk by introducing more entry points for bad actors.

This raises an important question: What are some of the biggest cybersecurity challenges that banks are facing, and how can they safeguard their systems in an increasingly hostile digital environment?

The era of the endpoint

Every device, from servers to employee laptops and mobile phones, represents a potential entry point for attackers. The rise of remote work, and digital consumer banking services, only perpetuates this challenge. In the last couple of years, we’ve witnessed two-thirds of banks offer workers the chance for hybrid work, exposing more remote access for their employees. With this, financial institutions are managing more heterogeneous devices than ever before, which dramatically expands their attack surfaces.

Banking on the cloud

Financial institutions are rushing to reap the rewards of digital transformation through public cloud…