Last month, I posted about the healthcare industry being a target for cybercriminals.  Another target, likely even more lucrative, is the financial services industry.

According to a 2014 news article, the Federal Bureau of Investigation estimated that more than 500 million financial records were hacked over the previous 12 months. Major publicized incidents reveal that financial institutions, particularly those in the United States, are a highly sought after target by criminal actors seeking to reap financial rewards.

Of note, from 2012 to 2015, one gang of cyber criminals successfully gained access to several high profile financial targets to include JP Morgan, as well as Scottrade, a Boston-based mutual fund, and online stock brokerages in Nebraska, New York, and North Carolina. This is just a microcosm of the bigger reality: there are more cyber attacks directed against financial institutions globally, than any other sector, at least according to one information security company.

The cost of breaches extends far beyond strictly financial considerations. Reputational loss and reduction in customer confidence can severely impact the long-term well-being of a financial institution ill prepared for the threats that they face. (source, emphasis mine)

Of course, one of the recommended security measures cited in the article is implementing two-factor authentication.

Financial institutions can mitigate attacks by employing multi-factor authentication to bolster the security of user accounts. (source)

GreenRADIUS is a strong, easy-to-use, and affordable two-factor authentication solution.  Organizations can limit their exposure by implementing this simple layer of security.  Contact us today to learn more.