From the course: Cloud Security Considerations for the Financial Services Industry

Security for the financial industry

From the course: Cloud Security Considerations for the Financial Services Industry

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Security for the financial industry

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- [Instructor] Big banks and financial services firms have ramped up cybersecurity spending. It represents the largest non-government cybersecurity market, and the fastest-growing non-government cybersecurity market. Citigroup's annual cybersecurity budget has risen to more than $300 million, and Wells Fargo spends roughly $250 million annually on cybersecurity. Cyberattacks against financial services firms increased by over 70% in 2017, which reflects that the financial services sector is currently vulnerable to such attacks. Cyberattacks and data breaches in financial services firms are more common than in any other industry. A data breach at Equifax, and incidents like the WannaCry and Petya ransomware highlight these risk. To combat this threat, financial services IT professionals must understand the legal, regulatory, and country-specific financial data protection and privacy requirements, the threat and the data security controls needed to protect your enterprise from attack.

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