A recent study from Lookout, Inc., has released new findings that showcase the rise of data breaches in the financial services industry. The report found that 70% of IT leaders surveyed via the Gartner Peer Community reported a significant increase in data breaches compared to previous years. As the new working landscape continues to evolve at a rapid pace, financial institutions are required to adapt swiftly in order to protect their valuable data.
As the attack surface continues to evolve, organisations are finding it difficult to protect their data effectively, which is why the following key themes demand immediate attention.
Threat detection and data control struggles: Nearly half of organizations (47%) struggle with the heightened difficulty of detecting and mitigating threats, while about one-fifth (18%) face a significant lack of control over their applications and data.
Navigating complex security tool landscape: Organizations struggle to navigate the intricate landscape of multiple security tools and vendors, with 55% facing challenges in achieving effective data protection.
Skill shortages in data protection: The scarcity of skilled security professionals presents a significant obstacle, affecting 41% of organizations and prompting a need for organizations to invest in talent development, training programs, and strategic partnerships to build a competent workforce capable of safeguarding valuable data assets effectively.
Strengthening access controls: More than half (52%) of organizations grapple with the level of detail allotted by their access controls, and would benefit if it were more in-depth.
Hybrid infrastructure and complex IT stacks hinder security: 82% of organizations have a hybrid infrastructure, combining cloud and on-premises data storage. More than half of the organizations face challenges with various security products that do not work well together.
“In an era of rapid digital tran ..
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