Preventing the Next Ransomware Attack: How Financial Services Can Stay Secure with Active Secure 365
In today’s rapidly evolving digital landscape, financial services organizations have become prime targets for ransomware attacks. With critical data and highly regulated environments, the sector faces increasing risks as cybercriminals leverage more advanced techniques. According to a recent report, ransomware incidents accounted for nearly 25% of cyberattacks in the financial services sector in 2023, emphasizing the urgent need for stronger defenses.1
But the good news? Most ransomware attacks—around 98%—can be traced back to preventable errors, such as misconfigurations in software and devices.2 This means that with the right cybersecurity solutions in place, financial services companies can significantly reduce their risk of falling victim to these devastating attacks.
The Growing Threat of Ransomware in Financial Services
Financial services firms handle sensitive customer information, making them especially attractive to cybercriminals. In 2021, 37% of all organizations across industries were hit by ransomware,3 but the stakes are even higher in financial services, where the average cost of recovering from an attack reached $5.85 million per incident.4 As the complexity and volume of ransomware attacks increase, financial services organizations need comprehensive protection that can adapt to the threat landscape.
How Active Secure 365 Protects Financial Services Firms from Ransomware
BDO Digital’s Active Secure 365 offers a scalable and all-encompassing cybersecurity solution designed to help safeguard businesses like yours from ransomware attacks. Here’s how it specifically benefits the financial services industry:
1. Continuous Threat Monitoring and Real-Time Response
Active Secure 365 provides 24/7 threat monitoring, detection, and automated incident response. With round-the-clock surveillance, financial services firms can gain real-time identification and remediation of suspicious activity before it leads to a major breach.
2. Prevention Through Proactive Security Control Validation
Security misconfigurations are among the leading causes of ransomware attacks in the financial sector. Active Secure 365 helps prevent these errors through continuous security control validation, assuring that your systems remain protected from evolving threats. Using daily detection pipelines, Active Secure 365 can immediately identify blind spots and misconfigurations before attackers exploit them.
3. Cloud Security Policy Management and Administration
We manage your cloud security device, data and user policies to help you maintain compliance and protection across your data estate.
4. Enhanced Protection for Endpoint Devices
With the rise of remote work and increased mobile device usage, financial services firms are more exposed to attacks. Active Secure 365 helps make sure that endpoints—whether laptops or mobile devices—are secured against ransomware through Extended Detection and Response (XDR), which integrates identity protection and email security into a single defense system.
60-Day MXDR Trial
BDO Digital is offering a MXDR 60-day free trial allowing customers to experience Microsoft Sentinel’s threat intelligence and security analytics platform.
5. Cost-Effective Security Management
Cybersecurity costs continue to be a challenge for many businesses, especially in the financial services sector where security is both critical and expensive. Active Secure 365 provides a predictable, subscription-based pricing model that allows financial services companies to scale their protection without breaking the bank. By optimizing your licensing and making sure you only pay for what you need, Active Secure 365 help keeps your security costs under control while providing industry-leading defense capabilities.
Prepare for the Future: The Role of Security in Financial Services’ Digital Transformation
As financial services organizations accelerate their adoption of AI and other digital tools, their cybersecurity needs will only grow. Protecting critical data and maintaining compliance with regulations like the Gramm-Leach-Bliley Act (GLBA) requires both strong defenses and constant vigilance.
By integrating Active Secure 365 into your cybersecurity strategy, your firm can take proactive steps to prevent ransomware attacks and build resilience into your operations. Beyond ransomware prevention, Active Secure 365 also provides visibility into your cloud security and helps optimize costs through Active Insights, giving financial services firms the tools they need to stay secure and compliant. through Active Insights, giving financial services firms the tools they need to stay secure and compliant.
Get Started Today
Don’t wait for the next ransomware attack to strike. Request a Free Attack Simulation to see how your current security setup holds up against real-world threats and find out where Active Secure 365 can strengthen your defenses.
Explore the full protection capabilities of Active Secure 365 and safeguard your financial services firm’s future.
References
1. 25% of cyberattacks targeting financial services in 2023: [IBM Security X-Force Threat Intelligence Report, 2023](https://www.ibm.com/security/services/threat-intelligence)
2. 98% of ransomware attacks traced to preventable errors: [Microsoft Digital Defense Report 2022](https://www.microsoft.com/security/blog/2022/10/19/digital-defense-report-2022)
3. 37% of all organizations hit by ransomware in 2021: [Sophos State of Ransomware 2022](https://www.sophos.com/en-us/medialibrary/pdfs/whitepaper/sophos-state-of-ransomware-2022.pdf)
4. $5.85 million average cost of ransomware recovery in financial services: [IBM Cost of a Data Breach Report 2022](https://www.ibm.com/security/data-breach)
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