2. Evolving security threats
$449.1 million
Amount extorted globally in the first half of 20232
$4.45 million
Global average cost of a data breach in 20233
With the explosion of data, applications, remote users, mobile devices, and BYOD policies in financial services, security risks have soared. Banks and other financial services firms have become prime targets for cybercrime like malware, phishing, ransomware, and more. With the cost of a data breach on the rise, it’s no wonder financial institutions are adopting a more proactive security posture.
New regulatory changes
million
Amount of the Capital One data breach class action settlement for exposing 98 million customers' data4
Firms must keep data secure with Zero Trust application access to ensure compliance without impeding business.
Regulators have financial institutions in their sights, enforcing mandates and standards including GDPR, PCI-DSS, and GLBA. To ensure compliance without impeding business, firms must adopt a Zero Trust security posture to keep data secure while enabling employees to access the data and systems they rely on, wherever and however they’re working. Data breaches have serious consequences for financial institutions, beyond the loss of consumer trust, as they may be subject to regulatory penalties and customer lawsuits.
There are new regulations coming too, including the European Union Digital Operational Act (DORA)5, which financial institutions in the EU must be compliant with by 2025. Citrix is designed around centralized delivery, visibility, and control of apps and data, with security built into the core of our solutions and practices, so as new regulations roll out, financial institutions can adapt to those changes with ease.
Reduce risk and boosting resiliency
Citrix helps strengthen data protection to enable rapid recovery from security incidents for better business continuity. With sensitive apps and data secured centrally on-premises or in a secure public cloud, Citrix helps safeguard sensitive information more effectively, enhance corporate security, respond to compliance mandates, and reduce a firm’s audit footprint.
Also, as remote and hybrid work moves beyond the firewall, Citrix can modernize security to better protect distributed employees, applications, devices, and networks by encrypting data in motion, restricting data sharing, and wiping data from mobile devices for better security and compliance. Security analytics also deliver actionable insights to detect and deflect potential threats before they impact customers and employees. Citrix Analytics for Security:
- Supports a zero-trust model for access to virtual, SaaS, internal web apps, and more
- Provides a consistent security posture for all applications and APIs across multi-cloud environments to protect the entire landscape
- Reduces attack surfaces by storing sensitive data in the data center rather than endpoints
- Helps to further secure BYOD and COPE (corporate-owned personally-enabled) endpoints without undermining ongoing security and compliance operations
- Safeguards against threats with proactive, AI-powered threat detection and mitigation to identify anomalies in user behavior, outside threats, or endpoint issues
- Helps organizations recover from security incidents and disasters more efficiently
© 2024. Cloud Software Group, Inc. All rights reserved. Citrix and the Citrix logo are trademarks or registered trademarks of Cloud Software Group, Inc. or its subsidiaries in the United States and/or other countries. All other product and company names and marks in this document are the property of their respective owners and mentioned for identification purposes only.
Cookie Preferences