Resilience for Financial Services

Finding a company that hasn’t had at least one cybersecurity incident is like finding a needle in a haystack: very rare. And once you’ve had one breach, having additional data breaches is very common. According to the 2023 IBM Cost of a Data Breach Report, during 2022 more than 80% of the breached organizations surveyed experienced more than one data breach.

Cyber resilience acknowledges that it's not a matter of if an organization will be targeted, but when. In essence, cyber resilience recognizes that cybersecurity is not solely about preventing breaches but also about building an organization's capacity to withstand and recover from cyber threats. It requires a holistic approach that integrates technical measures, policies, processes, and a culture of security throughout the organization. Cyber resilience is especially crucial in the modern threat landscape where cyberattacks are diverse, sophisticated, and constantly evolving.

Learn how Redjack helps you build your cyber resilience

While quantum computing has the potential to bring about significant advancements in various fields, including cybersecurity, it also poses unique challenges and threats to cybersecurity. Quantum computers have the potential to break widely used encryption algorithms. This is a problem because encryption is a fundamental tool for preserving privacy, securing transactions, and fostering trust in the digital realm. The rise of quantum computers threatens a fundamental layer of security that we all rely on.

Post-quantum cryptography are encryption algorithms that are designed to withstand the power of quantum computing and provide long-term security for digital communications and data protection. As quantum computing technology advances, the need for robust and quantum-resistant encryption becomes increasingly urgent to protect individuals, businesses, and governments from potential security breaches and data vulnerabilities.

Learn more about the impact of quantum computing on the financial services industry.

As companies grapple with how to incorporate the explosive growth of artificial intelligence (AI) into their processes, they are driving their IT organizations to transform how their companies work. Digital transformation involves adopting new technologies, processes, and organizational culture to enhance efficiency, improve decision-making, and create new business models. It’s not just about implementing technology but also about leveraging it strategically to drive innovation and stay competitive in a rapidly evolving digital landscape.

Digital transformation projects are complex initiatives that involve significant changes to an organization's processes, technologies, and culture. Cybersecurity also plays a critical role in the process of digital transformation. As organizations embrace digital technologies and undergo transformation, they become more reliant on digital assets, data, and interconnected systems. This increased connectivity and reliance on digital infrastructure exposes companies to a higher risk of cyber threats.

A successful digital transformation project requires careful planning, effective communication, and proactive risk management. The foundation of a successful digital transformation plan is identifying your critical business functions and understanding your connected IT asset environment. By incorporating these critical data points early in the process, your organization can increase the likelihood of a successful digital transformation rollout.

Learn how Redjack helps support your digital transformation initiatives.

Financial services providers are subject to a variety of compliance rules and regulations, primarily because they handle sensitive financial information and play a critical role in the economy.

Cybersecurity asset management is critical in improving risk management and compliance for financial services companies. It creates a comprehensive inventory of all digital assets, including hardware, software, data, and network components. This is fundamental for you to understand what needs protection and monitoring, and is also a requirement for various compliance standards, such as the Payment Card Industry Data Security Standard (PCI DSS) or the Gramm-Leach-Bliley Act (GLBA).

Learn how Redjack helps you manage risk and maintain compliance.