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Keeper Security and Ponemon Institute Find Financial SMBs at Risk

Why Identity Management is a Worthwhile Investment

Keeper Security and Ponemon Institute Find Financial SMBs at Risk

Keeper Security released its findings in the Keeper’s 2019 Global State of Cybersecurity in Small and Medium-Sized Businesses. The study, conducted by the Ponemon Institute, surveyed 2,391 IT security professionals globally on financial small-to-medium-sized businesses’ (SMBs) cybersecurity. Among its findings, Keeper Security discovered that over 50 percent of all cyberattacks target the financial industry. 

ALERT: Cyber threats don’t rest, even during global pandemics. In fact, they take advantage of chaos and confusion to enact their attacks.  You can learn more with the Solutions Review Identity Management Buyer’s Guide

Keeper Security positions itself as a password manager and password security provider. Its solution stores website passwords, financial information, and other sensitive documents. Moreover, their solution uses encryption to securely store every record in a user’s private vault and handles password fatigue through auto-filling. Meanwhile, The Ponemon Institute is considered a pre-eminent research center dedicated to privacy, data protection, and information security policy.    

Keeper Security’s 2019 Global State of Cybersecurity in Small and Medium-Sized Businesses report finds that the majority of financial SMBs are at risk of a cyber-attack. In fact, 69 percent of financial SMBs suffered an attack in their organization’s lifetime. Worse, 50 percent of financial SMBs say they don’t have a budget for strong IT security, and 47 percent lack an incident response plan. Further, the average cyberattack on a financial SMB costs over $1 million.    

Darren Guccione, CEO and Co-Founder of Keeper, shared his thoughts on the findings. “The financial services sector is in the midst of a pivotal era of disruption, but transformation should not come at the expense of cybersecurity. As a highly-regulated industry, it’s imperative that firms don’t let cyber-criminals fill the gap.” 

“Unfortunately, the majority of these businesses have already experienced a cyberattack and our research shows they’re still not going far enough to prevent the next one. The good news is there are easily-implemented solutions and strategies that enable financial institutions to transform securely.”  

 Learn more about Keeper Security here. Learn more about the Ponemon Institute here.

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