Banking and Financial Services

Data derived from this industry has been a lucrative source of income for hackers all over the world. The 2024 Verizon Data Breach Investigation Report (DBIR) revealed that 68% of breaches are caused by a human element and 32% are due to ransomware or some other extortion technique. Through the exploitation of an organization’s vulnerabilities, hackers are able to retrieve sensitive and confidential data in order to achieve their financial interest.

Banking and Financial Institutions cybersecurity threats in numbers

CONFIRMED BREACHES

According to the 2024 Verizon DBIR ,Out of 30,458 Security Incidents, this is the number of successful attacks

%

SYSTEM INTRUSION, MISCELLANEOUS ERRORS, SOCIAL ENGINEERING

Incidents are mostly due to these three reasons (2024 Verizon DBIR)

%

OF ATTACKS COMPROMISE PERSONAL DETAILS

According to the 2024 Verizon DBIR, financial and insurance attacks involved the breach of personal details.

The Cost of Incidents

The Average Cost of a Financial Services Data Breach

According to IBM

$4.45 Million

The Cost of Data Breach 2024 report

Penalties for Data Breach and Non-Compliance with Cybersecurity Laws

from Data Privacy Act of 2012

Up to ₱5 Million

depending on extent of non-compliance and gravity of data breached

Monetary Penalties for non-compliance with the guidelines for the Information Technology Risk Management

from Bangko Sentral ng Pilipinas

Up to ₱30,000 per day

for each violation, counting from the time committed up to the point of correction (BSP Circular No. 808)

Our Services

How Red Rock IT Security can serve you. Browse through our services to learn more on how we can address your security needs.

Reach out to us through our email and connect to our LinkedIn to stay updated with the latest in cybersecurity.

[email protected]

Red Rock IT Security, Inc.