The financial services sector is a high-value target for cybercriminals and a highly regulated industry by jurisdictions around the world. Despite constant intrusion attempts and stringent regulatory requirements aimed at protecting consumers' financial and personal data, banks and financial services organisations often find it difficult to move past a reactive cybersecurity stance.
From banks to insurance and fintech companies, the financial sector is grappling with new security issues brought forth by a shifting business and technology landscape. How can the financial services sector protect sensitive customer data, ensure business compliance, optimise processes, and manage costs to stay competitive in an industry with so many players?
In Singapore, the banking and financial services sector is one of the top targets of spoofing, according to the latest Cyber Security Agency of Singapore report. The Association of Southeast Asian Network (ASEAN) Interpol Cyberthreat Assessment data for 2020 reveals that more than 21% of phishing attempts globally were aimed at ASEAN banks, which makes financial services organisations in the region the world's most targeted brands for cyberattacks.
