Survey Reveals Data Security Gap in the Financial Services Industry

The industry of financial services is facing an alarming data security gap, as mentioned by a recent survey report. The report conducted by Lookout Inc. is based on data collected from 365 IT and security leaders across EMEA, APAC, and North America. It sheds light on the problems faced by organizations in guarding their valuable data. The findings urge the need for immediate attention and a reexamination of security strategies in the sector.

Region’s participation in terms of percentage

Threat Detection and Data Breaches

One of the key challenges faced by financial industries is the difficulty in detecting and removing threats effectively. The study reveals that almost half of the organizations (47%) struggle with the complexity of threat detection and removal. Additionally, around 18% face a lack of control over their applications and data, further worsening the data security gap.

Access to data plays a crucial role in maintaining security. However, almost half of the organizations surveyed (52%) struggle with details provided by their access controls. Approximately 70% of IT leaders reported a notable rise in data breaches compared to previous years. A more extensive approach to control access and data breaches is needed. In order to ensure only authorized individuals can access sensitive data, which in turn reduces the risk of unauthorized breaches.

Skill Shortages and Tools Complexity in Data Protection

Approximately 41% of organizations face skill shortages in data protection. To overcome this gap, organizations must invest in talent development, training programs, and strategic partnerships to build a workforce capable of safeguarding valuable data assets effectively.

The financial industry also struggles with multiple complex security tools, vendors, and hybrid infrastructure. An astonishing 55% of organizations reported challenges in achieving efficient data protection due to the complicated security tool ecosystem. Furthermore, the hybrid model also introduces complexities in catering security measures. This hinders the ability to build a robust security infrastructure. Leaving vulnerabilities in data protection.

Final Outcome

Responses to the question: What’s hindering your ability to protect data?

The survey report reveals critical data security gaps within the financial services industry. The complexity of the IT outlook, along with the increased data breaches, demands immediate attention. Financial organizations must prioritize threat detection and data control. Should overcome the lack of complex security tools, address skill shortages, strengthen access controls, and challenges posed by hybrid infrastructure and IT stacks. By reexamining and strengthening their security strategies, financial industries can protect their valuable data and themselves from potential breaches in this evolving digital era.

For more news and updates on Cybersecurity, visit The Cybersecurity Club.

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