Cybersecurity Takes Centre Stage in Ireland’s Finance Industry as Threats Intensify
The Growing Concern of Cyber Attacks in the Financial Sector
As the financial services sector in Ireland faces an unprecedented surge in cyber attacks, regulatory bodies are sounding the alarm on the need for enhanced security measures to safeguard consumers and information. The menace of ransomware has emerged as the most significant threat facing organisations today, with hackers employing increasingly sophisticated tactics to breach even the most robust defenses.
The Risks of Relaxed Security Controls
In response to this growing concern, regulators are prioritising building operational resilience to cyber risk in the financial services sector. This comes amidst a backdrop where businesses are increasingly willing to accept higher levels of risk and relax security controls in order to maintain business continuity.
- 60% of the global workforce now operates from home, leading to an increase in unapproved personal devices being used for work purposes
- An increase in the number of endpoints with reduced security controls applied
- Sensitive documentation accessed from a growing array of less secure locations
The Consequences of Unsecured Endpoints
The shift towards remote work has further compounded the issue. The consequences are stark, with sensitive documentation being accessed from a growing array of less secure locations, such as call centre employees accessing confidential records from their homes.
A Call to Action for Financial Institutions in Ireland
In light of these challenges, financial institutions in Ireland must redouble their efforts to stay ahead of the evolving cyber threat landscape. With the stakes higher than ever before, it is imperative that industry players prioritise cybersecurity and invest in robust measures to protect themselves against the growing menace of ransomware and other forms of cyber attacks.
By taking a proactive approach to cybersecurity, financial institutions can safeguard their customers’ information, maintain business continuity, and ultimately avoid costly losses due to data breaches.