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[Infographic] Cost of Attacks and Top Threats to Financial Institutions in 2022

Being prime targets for cyber attacks because of the high volume of personal information and financial assets, financial institutions experience more breaches while costs continue to rise. Securing your data on the cloud is vital to business and might save you from potential financial loss. Read on to know about top threats that can put your company’s assets at risk and best practices that can make a positive impact on your cloud security.

According to IBM’s Cost of a Data Breach Report 2022, 83% of organizations have had more than one data breach and only 17% say that it was their first one. The report was conducted by studying 550 organizations impacted by data breaches that occurred between March 2021 and March 2022, across 17 countries and regions and in 17 different industries. With an average of USD 5.97 million as data breach costs, financial organizations are in the top two industries, second only to the healthcare industry, with the highest average - and top threats include ransomware, phishing, third-party risks, etc. Every year, this number only increases as more and more organizations require the need of a solid cloud strategy in place to avoid data breaches.

Recently, Horangi Cyber Security and Singapore FinTech Association conducted a knowledge-sharing workshop on ‘Cyber Risks and Solutions to Combat Threats in ASEAN 2022’. The workshop was attended by SFA’s sub-committee members and speakers from diverse backgrounds in the Financial and Cyber Security industries, like Carlos Salas, Co-Founder & CEO of Cysense, Thomas Kung, Head of Technology & Risk Management,, Linda Schindler, Programme head, Innovation Cybersecurity Ecosystem (ICE71), Ray Tay, Head of Sales, Horangi Cyber Security, Ivan Choo, VP of Engineering, Horangi Cyber Security, and Mark Fuentes, Director of Cyber Operations and Strategy, Horangi Cyber Security. 

speakers from Horangi

Horangi took this opportunity to share an infographic that was on top cyber threats to financial institutions for 2022 and solutions to combat these. Cyber threats are one of the biggest business concerns globally and small as well as large organizations are vulnerable to financial loss, data destruction, and bad reputation if they have to go through one.

Ray Tay, Head of Sales, Horangi Cyber Security on 'Top Cyber Threats to Financial Institutions for 2022 and Solutions to Combat Them'.

Ivan Choo, VP of Engineering, Horangi Cyber Security on 'Cloud Security Challenges and How to Overcome them'.

Mark Fuentes, Director of Cyber Operations and Strategy, Horangi Cyber Security on 'Zero Trust: Expectations vs. Reality'.

Here's the infographic that you can read and understand some cyber risks that are top threats to financial institutions in 2022 and some solutions to combat them.

SFAxHorangi Infographic

It is essential for organizations to protect themselves against these threats to avoid such losses. This infographic can help you provide some best practices that can help save your company from facing the brunt of an undetected cyber attack, highlighting the importance of compliance, hybrid cloud security, zero trust strategy, and automation tools - like Horangi’s Warden Cloud Security platform. Warden helps organizations reduce IAAS security risks by 80% and reduce manual labor by 70% with automation of identifying and mapping infrastructure configurations to compliance standards like MAS TRM, OJK, SOC 2, GDPR, or your custom compliance needs. Contact us here if you’re interested in a 15-minute, live demo of Warden.

Anagha Rakta

Anagha is a Product Marketing Executive for Warden at Horangi. She is a literature graduate with a sweet tooth and a funny bone, and is passionate about writing, design, and everything Product.

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