Cyber crime is the fastest-growing type of crime in the United States, with losses of more than $450 billion worldwide in 2016. What's more, these losses are estimated to hit a staggering $6 trillion just five years later in 2021.
According to cyber experts polled in a survey by insurance firm AIG, companies in the financial services industry are the most susceptible to cyber attacks—and it's not hard to see why. Financial companies, including wealth management firms and financial advisor offices, possess a variety of sensitive, personally identifiable data, from Social Security numbers to income and tax statements.
With this information in hand, malicious actors can commit a number of crimes: siphoning money from financial accounts, impersonating the innocent victims of identity theft, and breaking into additional systems that belong to partners or vendors.
- 66 percent of financial organizations faced at least one cyber attack in 2016
- 500+ million financial records hacked annually
Why Should You Care About Cybersecurity?
The cost of a data breach for financial firms stretches far beyond its immediate impact, resulting in problems like:
- Business Disruption
- Damaged Reputation
- Litigation Risk/Exposure
- Missing or Unrecoverable Data
- Lost Profits
- Costly Technology Fees
It's not just large firms who have to worry about a data breach. Although they represent a tempting target for many would-be hackers, smaller companies and startups are even more vulnerable: 53 percent of cyber attacks are targeted at small businesses. This is largely because they're much less likely to have the defenses necessary to fight off an attack.
Far too many financial services firms continue to use familiar solutions like antivirus software and firewalls in the attempt to protect themselves.
Unfortunately, these tools aren't built to address the complex IT security landscape in which today's businesses find themselves, with new threats like ransomware running rampant. Using a single piece of software to defend against cyber attacks is like hoping that a single rusty lock on your door will keep out burglars.
- 33 percent of employees have received no cybersecurity training
- Only 29 percent of financial advisors say they're "fully prepared" to deal with cybersecurity risks
Why Is Todyl Protection the Solution You Need?
Todyl is the first cybersecurity service designed specifically for small businesses - it’s powerful, simple, and affordable. Todyl can be setup by anyone in a matter of clicks, and our pricing is straight forward. Only pay for what you use each month. No sales people, no long-term contracts, no hidden fees.
Todyl is unique as it delivers the full spectrum of security small businesses need but were previously unable to afford: protection, detection, response, and recovery.
A strong cyber defense consists of multiple layers of protection (we call this defense-in-depth). Historically, only large companies could afford the expensive hardware and industry experts associated with this type of protection. Todyl has moved the capabilities of expensive security hardware into the cloud, giving small businesses access to the protection they need, at a cost they can afford.
Our cybersecurity experts keep an eye on your network and devices so you can focus on bringing in more clients and expanding your business.
Are you ready to stop cyber criminals from stealing valuable data and costing your business revenue and reputation? Contact us today to discuss your cybersecurity needs.