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Follow the money. The impact of a breach for financial services is significant, with one study reporting an average cost of $1.3 million to restore services after every DNS attack and an average of 10 attacks per year, and that is not including downtime or resources required to address the breach. The good news is essential financial services breach protection begins with an affordable solution, two-factor authentication (2FA).
Yet another example of how SMS two factor authentication is not secure can be seen in the recent Signalling System No. 7 (SS7) attacks in January. Malicious hackers redirected money from German customers' banking accounts to their own accounts in a series of attacks. Read more details of the attack here.
The New York Times DealBook sources reported that the JPMorgan Chase breach of the summer that affected 76 million households and 7 million businesses was caused by a single oversight - the lack of two-factor authentication on one of their servers.
