The Data Dilemma: Cloud Adoption and Risk Report – Financial Services Edition

Protecting data in the cloud is a challenge for all organizations, but the stakes are higher for those in the financial services industry. Risk management is fundamental to financial services organizations’ continued success, and securing assets in the cloud has emerged as an important aspect of that. With that in mind, technology leaders in financial services are faced with the formidable task of securing high-value data, complying with mounting data protection and privacy requirements, and protecting against targeted attacks money-motivated cybercriminals or hacktivists looking to advance their political agendas.

The 2023 Financial Services Edition of The Data Dilemma: Cloud Adoption and Risk Report identifies cloud security trends specific to the financial services industry benchmarked against a broad range of industries. Respondents represent IT decision makers, IT specialists, and senior business decision makers at financial services firms with 500 or more employees around the world. Find out how these industry professionals are addressing data security challenges and why better controls are needed.

Key findings from the report:

• 78% of organizations have experienced all three types of attacks—cybersecurity breaches, threats, and theft of data—indicating that they need stronger security controls to stop them from impacting them.
• Financial services firms, like organizations in all industries, store about 61% of sensitive data in the public cloud, on average.
• The average number of public cloud services in use increased 50% in three years.
• For those that use Software-as-a-Service (SaaS), 32% of financial services firms report advanced threats and attacks against their cloud application providers, compared to 28% of all organizations.
• 96% of respondents say that insufficient skilled security staff is affecting their ability to secure the usage of cloud computing, compared to 92% of organizations in all other sectors.
• While 82% of financial services firms (compared to 75% in all sectors) admit Shadow IT impairs their ability to keep data secure, only 44% use a cloud access security broker (CASB) to monitor unauthorized cloud usage.

Gain insights into how the financial services industry is addressing cloud data security to inform your own strategy.

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