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Financial IT Support

Cybercrime is getting stronger by the second.

According to PWC’s Global Economic Crime Survey, cybercrime climbs as the second most reported economic crime of 2016 – affecting nearly 32% of financial organizations.

PWC also states that most companies are still not adequately prepared for – or even understand the risk of cybercrime. For the 2^nd most reported crime in the industry, only 37% of organizations have a prepared cyber incident response plan.

Cybercriminals love getting volumes of sensitive and confidential information. And while today’s technology continues to evolve, cyber attacks will likewise gain more power. Cyber attacks are organized plans by the top performing criminals, after all – their resources can only be limitless.

A banking company may deploy a top-notch security today; but without a good proactive Financial IT support, this will be outdated and easily breached come next morning.

The statistics are all out. Cybercrime is growing stronger every second. But as ironic as it seems, only 41% of financial services believe that it is likely they will experience cybercrime in the next 24 months.

59% of businesses simply make light of cybersecurity and Financial IT Support.

Or maybe most financial businesses simply don’t consider the impending risks of a data security breach…

To help enlighten financial service businesses, Comlink Solutions’ Financial IT Support listed down the three main repercussions of a cybersecurity breach in hopes that this could heighten awareness and proactive measures against cybercrimes.

Financial IT Support: The Real Risks of a Cyber Security Breach

Cost-per-record

The average cost-per-record for a sensitive and confidential information breached is an estimated $158. This is the proposed consolidated value covering everything from detection of breach to the offered data monitoring per customer after the breach.

Still, it’s not an accurate method of measuring the damage cost. The estimated sum fails to account the differences between the size of the breach – whether it’s a small system breach or a large-scale attack.

Larger financial organizations tend to have a higher cost-per-record on a security system breach simply because they hold more records compared to a smaller organization. The estimated overall cost would tend to be higher for more records breach and in turn, a higher cost-per-record than the estimate.

Insurances could skyrocket blindly. Organizations are highly encouraged to adopt a Financial IT Support and apply the best technology to mitigate the risk of a security breach in the first place.

Further Legal Actions

A heavy impact cyberattack can lead to strenuous legal cases coming from clients and other organizations only imaginable. This could be financially draining and one could only think of all the worst case scenario applicable.

Making sure insurances are up to date and covers all security incidents is one step to the right track. This should be considered an important strategy for all organizations, whether from the financial industry or not.

Unwanted Consequences

Above all the direct effects of one attack comes a greater consequence that no organization could ever wish for. A data breach can cause bad rap for your company and a big reputation damage. All of this can result in a problem between the company-client relationship and trust, loss of clients, decrease in share prices, and much more nightmares.

We have long embraced technology to be a crucial part of every organization and accepted the fact that the most successful and efficient businesses are the ones who deploy the best technology systems.

Having an established Financial IT Support could really go a long way. Not only is it a luxury but now a dire necessity for security and productivity.

These threatening risks may sound like a nightmare. But this is nothing an efficient Financial IT Support could prevent.

Comlink Solutions has been a reputable leader for IT Services and Management in Sydney for over 17 years. It has developed its own technology for Financial IT Support and among all other industry.

Being reliable, efficient, and friendly, we provide comprehensive business and technology consulting services that can help your financial or non-financial business leverage its IT investments.