According to a recent report issued by the risk assessment firm SecurityScorecard, the financial industry’s vulnerability to attacks should be a major concern among their customers and partners.
Key takeaways from the firm’s comprehensive security analysis of over 7,000 financial institutions include…
- The commercial bank with the lowest security posture is one of the Top 10 largest financial service organizations in the U.S. by revenue.
- Only one of the Top 10 largest banks, Bank of America, received an overall grade of ‘A’.
- 95% of the Top 20 U.S. commercial banks by revenue scored a Network Security grade of C or below.
- 75% of the Top 20 U.S. commercial banks by revenue are infected with malware and a number of malware families.
- Nearly 1 out of 5 financial institutions use an email service provider with severe security vulnerabilities.
Additionally, it was found that third party vendors and partners that provide essential services to the financial industry pose some of the greatest security risks. And as banks continue to grow through acquisition, legacy IT systems and their vulnerabilities are also acquired. In many cases, they remain in place for years.
Despite spending billions of dollars on cyber security annually, the report suggests that major financial institutions may not be spending those dollars effectively.
Don’t leave your IT assets exposed to risk… For a comprehensive IT Assessment, including Gap Analysis, contact DataLink today at sales@DataLinkTech.com.
