Financial World Magazine: The Secret Life Of PETs

Excerpt:

"If there’s one lesson business leaders can count on, it’s that things don’t always go as planned. That’s why it’s critical to plan for the best and prepare for the worst – especially when it comes to data security. The news is full of reports of data breaches, unintended data exposures and other miscues. This causes justified concern, both at the consumer and board levels. But what are the risks, especially for financial services firms?

Risk can come from any angle. Banks may be targeted by bad actors who seek to obtain personal or financial information related to their customer base through, say, cyber attacks or phishing. Alternatively, firms can be threatened by vulnerabilities related to existing account holders, such as fraud or money-laundering. Threats can also come from inside. Criminal acts by insiders, as well as negligent actions (whether intentional or unintentional) in the organization’s security operations or infrastructure can be equally if not more damaging than an external attack. That’s because they’re sometimes harder to discover."

Read the full article in the May 2024 issue of Financial World Magazine.