Cybersecurity Umbrella

Cost of a Data Breach: Banking and Finance

The 2023 IBM Cost of a Data Breach Report indicates that the finance industry ranked second in terms of average cost per breach, following healthcare. Healthcare breaches reached a new record high of $10.10 million, showing a 42% increase since the 2020 report. Financial organizations, on the other hand, faced an average cost of $5.97 million per breach.
Encouragingly, the report also highlights improvements in breach response. The average time to identify and contain a data breach decreased from 287 days in 2021 to 277 days in 2023, resulting in a reduction of 10 days or 3.5%. Furthermore, the average time to contain a breach decreased from 75 days in 2021 to 70 days in 2023.

What We Provide

Cybersecurity Umbrella can help you:

Boost your business by accelerating cloud adoption, enabling faster development and launching of customer-demanded features.
Modernize your systems with a cloud-based data platform to fully leverage the power of AI.
Deliver personalized experiences through efficient data management and AI-infused operations for valuable insights.
Unlock new capabilities by optimizing core banking systems and data centers.
Continuously modernize your existing environments to align with customer requirements.

Cybersecurity Umbrella can help you:

Ensure robust protection of identities, infrastructure, applications, and data against both internal and external threats.
Proactively identify operational risks and consistently monitor data usage and access across hybrid and multi-cloud setups.
Implement effective cyber incident recovery programs that automate the recovery of applications, data, and business services to minimize outages and downtime.
Deliver round-the-clock protection with continuous monitoring, automation, and enforcement of security policies and compliance requirements.

Cybersecurity Umbrella can help you:

Streamline the adoption of cloud-native applications, infrastructure, data, and AI to enhance core banking systems.
Drive innovation by leveraging embedded finance and banking-as-a-service solutions, upgrading critical applications.
Collaborate on the development of enterprise-grade cloud environments with built-in security measures for efficient and cost-effective operations.
Implement end-to-end automation to transform IT organizations into agile digital partners.