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.
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.”