How to protect the financial services sector from cyber threats with the cloud

Not least for financial services firms, the threat landscape has become increasingly sophisticated, as they attempt to balance competing needs to better serve customers while fighting off cybercriminals. According to Microsoft's Digital Defence report for 2021, the financial services sector remains one of the top three sectors targeted by ransomware. Europe, Asia, and the US remain the most susceptible regions.

Bill Borden, corporate vice president of worldwide financial services at Microsoft, commented, "Cyber attackers are targeting core business systems more frequently and more sophisticatedly to maximize the damage or likelihood of a ransomware payout, with a particular focus on the healthcare and financial industries."

"Ever-evolving attacks remind us that we need to reinforce cybersecurity measures for industries and individuals on all fronts." says, Bill Borden.

With the increasing number of threats and safeguards to navigate, financial services firms must address competing needs, provide customers with innovative experiences, and leverage strong cybersecurity and data protection policies to thwart hackers, fraudsters, and money launderers. A cloud platform can deliver extensive benefits as it manages data and security posture, ensuring financial services organisations can address their needs and facilitate better customer experiences. It can also help achieve strong governance, including adequate oversight and mechanisms that can combat cyber threats.