Increasing complexity overwhelms financial service providers

B2B Cyber ​​Security ShortNews

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Financial services firms face a critical data security gap – only 13 percent of respondents have a complete view of data access and usage.

An endpoint-to-cloud security company has released the results of a new study that highlight the rise in data breaches in the financial services industry. The study shows that 70 percent of IT leaders surveyed through the Gartner peer community report a significant increase in data breaches compared to previous years. As the cloud-first hybrid work landscape continues to rapidly evolve, financial institutions are being forced to adapt quickly to protect their valuable data.

As organizations struggle to effectively protect their data, the following key issues require immediate attention:

  • problems with detection of threats and data control: Almost half of organizations (47 percent) face increasing difficulties in detecting and mitigating threats. About a fifth (18 percent) struggle with a significant lack of control over their apps and data.
  • Navigation in the complex landscape of security tools: Organizations struggle to navigate the complex landscape of multiple security tools and vendors. 55 percent of companies face challenges in achieving effective data protection.
  • Lack of skilled workers also in data protection: The lack of skilled security professionals is a significant barrier affecting 41 percent of organizations, prompting them to invest in talent development, training programs and strategic partnerships to build competent workforces capable of to effectively protect valuable databases.
  • Reinforcement of access controls: More than half (52%) of organizations struggle with the level of granularity in their access controls and would benefit from more granularity.
  • Hybrid infrastructures and complex IT stacks impede security: 82 percent of companies have a hybrid infrastructure that combines cloud and on-premises data storage. More than half of companies have problems with different security products that don't work well together.

“In an era of rapid digital transformation, the scattered data across cloud applications and routine employee use of unmanaged networks and devices have led to widespread adoption of Shadow IT and Bring Your Own Device (BYOD) practices” , explains Aaron Cockerill, chief strategy officer at Lookout.

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About Lookout

Lookout co-founders John Hering, Kevin Mahaffey, and James Burgess came together in 2007 with the goal of protecting people from the security and privacy risks posed by an increasingly connected world. Even before smartphones were in everyone's pocket, they realized that mobility would have a profound impact on the way we work and live.


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