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Despite holding the wealth of most Americans, the number one driver for financial services to update and maintain cyber security is compliance. International, federal, and many state and local governments are adopting compliance standards that require financial institutions to implement multi-factor authentication (MFA) security protection into their systems as quickly as possible.
Financial losses associated with security incidents have increased 24 percent in 2014 in the finance sector, with overall detected security incidents increasing 8 percent, according to PricewaterhouseCoopers’ Global State of Information Security Survey: Financial Services.
The Federal Financial Institutions Examination Council (FFIEC) is updating their cybersecurity guide for banks after they carried out a cybersecurity assessment pilot program this past summer, finding that a variety of ‘connection types’ can introduce a potential entry point for attacks.
