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The financial services industry in the United States represents about $1.5 trillion of the nation’s economy. It’s also the largest and most liquid in the world.
As a financial services entrepreneur, you certainly know that there’s a lot of importunity in the industry. Whether you own a small commercial bank, insurance agency, or other financial services business, you’re bound to turn a good profit.
However, it’s not all rosy. Cybersecurity remains one of the biggest challenges. Hackers are always targeting financial institutions because that’s where the money is.
In this article, we’re delving deeper into financial services cybersecurity and why you must invest in it.
Financial Services Businesses Face a Greater Risk
If you’ve been on the fence about investing in cybersecurity services because your financial services company has never been a target of an online attack, you’re treading on dangerous ground.
Hackers don’t just target the big banks and insurance firms. While attacks targeting these firms will often be big news, it doesn’t mean the small companies are safe. In fact, it’s the smaller businesses that face a bigger risk.
A whopping 43 percent of cyberattacks target small businesses.
Wondering why? Most small businesses don’t have their guard up. Hackers know this. Why would they focus on penetrating the big firms that have strong firewalls and other cybersecurity measures while they can go for the smaller fish without any defenses?
If your business hasn’t been attacked, it’s only a matter of time before the hackers come knocking. And when they do, you don’t want to be caught unprepared. Invest in financial services cybersecurity now.
What’s more, there are IT security firms that specialize in your industry.
One Attack Can Kick You Out of Business
What’s the worst cyber hackers can do when they attack your business?
For starters, a single cyberattack can bring your business to its knees. An attack will typically cost a business about $200,000.
Do you have this kind of money sitting around in your business account? If you’re anything like most small businesses, the answer is “no.” You’ll need to borrow. It’s easy to see why most small businesses that have suffered an IT breach will go out of business within six months.
Even if an attack doesn’t kick you out of business, it will still do significant damage. For example, your business website could suffer an outage for some time, meaning people won’t be able to shop from you.
Or, hackers could steal confidential information and hold you at ransom or even leak it online.
Invest in Financial Services Cybersecurity Before It’s Too Late
What’s the reason you haven’t invested in financial services cybersecurity? Perhaps you’re running on a shoestring budget. Or maybe you aren’t aware of cybercrime in the financial services industry.
Whatever your reason is, there’s no doubt it’s time to act. There’s a lot at stake, including total business failure. You don’t want to go down that path.
While you act, be sure to keep tabs on our blog for more business tips and advice.
You may also like: 3 Security Tips to Help Protect Your Business