Financial services businesses face critical data security gap

New survey findings from Lookout show that 70 percent of IT leaders in the financial services sector report a significant increase in data breaches compared to previous years.

Nearly half of organizations (47 percent) are struggling with the heightened difficulty of detecting and mitigating threats, while about a fifth (18 percent) face a significant lack of control over their applications and data.

Organizations struggle to navigate the intricate landscape of multiple security tools and vendors, with 55 percent facing challenges in achieving effective data protection. The shortage of skilled security professionals is affecting 41 percent of respondents too.

The move to hybrid infrastructure is causing issues too. 82 percent of organizations surveyed have a hybrid infrastructure, combining cloud and on-premises data storage. But more than half of these face challenges with various security products that don't work well together.

"In an era of rapid digital transformation, the scattered nature of data across various cloud applications and the routine use of unmanaged networks and devices by employees have given rise to the widespread adoption of Shadow IT and Bring Your Own Device (BYOD) practices," says Aaron Cockerill, chief strategy officer at Lookout. "To effectively address this challenge, organizations need to acknowledge and confront the overconfidence bias that has traditionally driven a strict focus on data control. While the historical approach aimed to keep data within corporate boundaries and limit access to managed devices, the reality of today's landscape requires a shift in strategy. Financial institutions must swiftly adapt and adjust their approaches to safeguard valuable data without compromising the productivity gains offered by the cloud-driven environment."

The full report is available from the Lookout site.

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