Why outsourcing can help combat cyberthreats in the financial


Why outsourcing can help combat cyberthreats in the financial sector

Posted on 20/07/2022

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Pre-pandemic, the finance industry experienced 19% of all cyberattacks and incidents, making it the most targeted industry in the world[1]. Leading digital print security firm Zunoma is encouraging financial institutions to outsource financial solutions to prevent ongoing cybersecurity threats and data breaches.

Due to hybrid working and the impact of Covid, working from home has left some companies open for attack, due to issues such as unsecure networks and laptops being left unattended. To add, the war on Ukraine has also increased the threat of cyberattacks in the financial sector[2].

There are multiple types of risk that can occur, ranging from supply chain risks to concerns with how complex cyberattacks can be. The pandemic meant that financial institutions had to undergo digital transformations quickly, and due to the intricate details of cybersecurity, organisations can struggle to hire highly qualified cyber-resilience experts.

The most common cyberattack is social engineering, where employees can become manipulated into unintentionally handing over sensitive information. In a report from 2021, 98% of cyber-attacks involve social engineering costing companies on average $130,000[3]. Additionally, enterprises experience on average around 130 security breaches per year[4]. Therefore, it is vital for financial institutions to ensure they have sufficient security measures in place to prevent an attack.

Outsourcing financial solutions gives institutions the opportunity to hire skilled professionals who are experts in their field and outsourcing to businesses with an FSQS qualification gives assurance that suppliers remain compliant. FSQS is a community of financial institutions, including banks, building societies, insurance companies and investment services, that provides a standard framework to businesses for collecting and managing information across the financial sector

Zunoma is FSQS qualified and has undergone thorough auditing in key compliance areas such as IT security, GDPR and fraud to name a few.

Zunoma was approached by a FTSE 100 multinational packing businesses to outsource the print and distribution of their payroll system, to ensure accuracy and security and reduce any risk. Zunoma developed a secure web-based portal which enabled complete security for the bidirectional transmission of data, enabling the business to operate in a secure compliant environment. Outsourcing not only helped with significant cost savings but did so with adherence to strict data policies and approved by UKAS ISO accreditation.

Samantha Ash, Head of UK Sales, said: “At Zunoma we offer complete design, print and personalisation of multiple financial solutions and we hope that our FSQS qualification adds a layer of confidence for all our current and potential customers.”

Zunoma has a team of experts who are at the forefront of the market and have the capacity to constantly review any potential cyber security threats and continue to invest in and test technologies to help fulfil regulatory compliance obligations.

To find out more on Zunoma’s financial services, please visit: https://www.zunoma.com/security-print-software/financial-services/

And to find out more on Zunoma’s payroll solutions, please visit: https://www.zunoma.com/security-print-software/payslips-electronic-payslips/

[1] https://swivelsecure.com/solutions/banking-finance/5-cybersecurity-weaknesses-threats-in-banking-and-finance-industry/#:~:text=In%202018%2C%20the%20finance%20industry,hold%20make%20them%20obvious%20targets.

[2] https://www.reuters.com/world/treasurys-adeyemo-sees-elevated-cyber-threats-wake-russias-war-ukraine-2022-06-17/

[3] https://firewalltimes.com/social-engineering-statistics/

[4] https://purplesec.us/resources/cyber-security-statistics/#:~:text=Enterprises%20experienced%20130%20security%20breaches,enterprise%20organizations%20increased%20by%2027.4%25.

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