According to a new report released by Infoblox, network monitoring is the top mitigation tactic against security breaches in the financial sector. This information comes from the CyberRisk Alliance Insight Report on the Global Financial Services Sector, which surveyed around 814 IT professionals across the globe in the financial sector. The report revealed how finance IT professionals can protect their business using cloud and network monitoring techniques.
Infoblox examined how companies in the finance sector are being protected against cyber threats. When asking about the most effective threat mitigation techniques, 76 percent of respondents around the globe answered that network monitoring had helped them protect against threats. Other top threat mitigation technologies include threat intelligence, threat hunting, and DevSecOps/SDLC.
The impact of network monitoring and other mitigation techniques on the finance industry cannot be understated. Financial loss was listed as the top impact of a network outage, with 60 percent of respondents across the world listing it as a problem. In addition to this, reputation damage and a public relations crisis (45 percent), operational disruption (43 percent), and loss of intellectual property or data (43 percent) were also cited as consequences of network outages.
In the company’s press release, Infoblox’s VP of Product Marketing Anthony James stated: “The financial services sector has long been a target for bad actors who are following the cyber money trail into the cloud. As the pandemic pushed IT infrastructures to rely on remote work, cloud-based technologies that enabled digital transformation also created soft spots for cyber-criminals to exploit. This report shows us that cloud compromise has become the biggest cybersecurity issue for financial institutions and the investments they are making to protect themselves. Notably, respondents are starting to use DNS to catch network threats before they move upstream.”
Download your copy of the CyberRisk Alliance Insight Report on the Global Financial Services Sector here.
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