In the current economy, financial services companies are expected to do more with less, making them more vulnerable than they’ve ever been at a time when network attacks are becoming more sophisticated, persistent and frequent. That’s why it’s surprising that many organizations are continuing to operate with an “all is well” mind-set rather than looking anew at their network security options -- such as a cloud-based approach to centrally managing the network.
Let’s face it: The frightening reality is that many banks and other financial services companies today simply don’t have the resources to protect their networks from external threats such as viruses, spyware and other sophisticated malware attacks. Nor are they effectively protecting their networks from internal misuse by employees (accidental or deliberate).
External breaches also are causing problems, as partners are being given access to networks in the interest of efficiency, but may not have adequate network security measures in place themselves.
All of these security problems can be compounded even more in a global distributed enterprise with locations in several countries. The end result? Often, it’s a security strategy that has more holes in it than a target at a shooting range.
The brutal truth is that internal IT departments are discovering that they can’t keep up with the constantly evolving security threats to their networks. For instance, PriceWaterhouseCooper’s 2012 Global State of Information Security report found that one of the most dangerous cyber threats is an Advanced Persistent Threat (APT) attack. PWC reported that in a few short months in 2011, “National governments, nuclear laboratories, security firms, military contractors and an international organization that oversees the global financial system” had been targeted by APTs -- which the report calls “the most sophisticated, adaptive and persistent class of cyber threats.”