Nowadays, financial institutions are the custodians of more than just money. They are also keepers of sensitive personal and financial data. As the financial sector leans more towards the cloud and other digital technologies, this data is exposed to cybersecurity threats. For ensuring diligent safe keep of these sensitive financial data, there’s increased scrutiny from privacy legislations like General Data Protection Regulation (GDPR), Sarbanes-Oxley (SOX), California Consumer Privacy Act (CCPA), etc. Hackers can easily monetize compromised personal & financial data from financial customers in darknets. Hence, just as we value the high worth of financial data, so do the cybercriminals.
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