Learn about the cyberthreat landscape and the role financial industries play in providing cybersecurity solutions that help protect the financial well-being of their customers.
Cybersecurity: The role financial industries play in helping protect their customers
Learn about the cyberthreat landscape and what you can do to help protect your customers.
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Cyber threats are increasing, and customers’ financial assets could be at risk
Financial institutions should incorporate cybersecurity offerings into their value-added services to not only support industry regulations — but to enhance customer satisfaction by offering a product that can help protect their assets and identity. Cybercrime and ransomware attacks have increased dramatically, and many of your customers may not know where to look for protection.
Cybercrime is on the rise
FBI reports staggering ransomware stats Between January and July 31, 2021, the FBI’s IC3 reported:
17 %
Since 2021, cybercrimes have increased by 17% 1
2,084
2,084 ransomware complaints 4
47 % 51 %
2021
2022
On average across 10 countries, cybercrime victims are more likely to have lost money in 2022 compared to 2021 2
62 %
62% year-over-year increase from 2020 5
$8 Trillion
$265 Billion
Ransomware estimated to cost victims as much as $265 billion USD annually by 2031 6
Cybercrime is predicted to cost the world $8 trillion USD in 2023 3
1 “Modern Bank Heists 5.0,” VMWare, 2022. 2 “2022 Cyber Safety Insights Report,” NortonLifeLock Inc., Jan. 2022. 3 “Cybercrime To Cost The World 8 Trillion Annually In 2023,” Cybercrime Magazine, Oct. 17 2022.
4,5 “Ransomware Awareness for Holidays and Weekends,” Cybersecurity & Infrastructure Security Agency, Feb. 10, 2022. 6 “Global Ransomware Damage Costs Predicted To Exceed $265 Billion By 2031,” Cybercrime Magazine, June 2, 2022.
Breaches are on the rise and can have a wide range of consequences
57% of customers have experienced a data breach * Breaches grew 41% in 2022, taking 49 days longer to identify and contain 7
Nearly 4.4 billion hours were spent by cybercrime victims trying to resolve their issues across 10 countries in 2021 **
7 “Cost of a data breach 2022,” IBM Security, July 2022. * Based on an online survey of 5,008 U.S. adults conducted by The Harris Poll on behalf of Norton LifeLock, January 2022. ** Global data based on an online survey of 10,003 adults in 10 countries conducted by The Harris Poll on behalf of NortonLifeLock, November - December 2021.
IoT devices and their vulnerabilities
IoT device usage is Projected to exceed 15 billion by 2025 and 25 billion by 2030. 8 Cybercriminals are relying more on social engineering tactics to deceive people into opening phishing emails and clicking on links that contain malware. While phishing attempts are not new, cybercriminals have become more personalized in their cyberattacks, making them appear more legitimate. They target businesses and services that store private customer data, which is the most valuable asset in e-commerce. 9 Once cybercriminals gain access to that data, they can use it for identity theft, fraud, and other cybercrimes.
Risks to Online Privacy • More than two-thirds of adults across 10 countries are more alarmed about their online privacy than ever. * • Yet, 61% of people across 10 countries admit to accepting certain risks to their online privacy for convenience. * • A total of 85% of customers across 10 countries want to do more to protect their online privacy but nearly half don’t know how. * Without the expertise to protect their assets, customers may look to their financial institutions for help.
8 “Addressing the Complexities of Cybersecurity at Fintech Enterprises,” ISACA Journal, Oct. 5 2022. 9 “Cyber security threats: A never-ending challenge for e-commerce," Frontiers in Psychology, Oct. 19, 2022. * Global data based on an online survey of 10,003 adults in 10 countries conducted by The Harris Poll on behalf of NortonLifeLock, November - December 2021.
Key reasons to offer cybersecurity and identity theft protection
As technology advances and continues to become increasingly integrated into our lives, the risk of cyberattacks and identity theft grows. This has created a need for the financial sector to expand their offerings to include cybersecurity and identity theft protection products.
Protecting Customers’ Financial Assets Identity theft protection and cybersecurity products can help protect customers’ assets from theft. In the case of a successful cyberattack, customers could face loss of money, damage to their credit score, and other financial consequences. Enhancing Customer Trust Offering these services demonstrates your commitment to customers’ financial safety and well-being. Diversifying Revenue Streams Offering these products can also help you diversify your revenue streams, creating additional sources of income and stability for your business.
Staying Ahead of the Competition Differentiate from the competition and position yourself as a more comprehensive financial service provider. such as Regulation S-ID, to assist with detecting known identity theft red flags before they result in unauthorized access to consumer accounts or personal identifying information (PII). Staying Current with Industry Trends The financial industry is constantly evolving and adapting to new technologies. By providing cybersecurity and identity theft protection products, you can help customers stay ahead of trending cyberthreats. Government Regulation Adding cybersecurity and identity theft protection may help with compliance to various government regulations,
With the increasing reliance on technology financial institutions can help protect their customers digital life and identity.
Why partner with us Your customers are your most valuable assets; protecting them is our priority. Stay one step ahead of cybercriminals and the competition by offering solutions to help protect their digital lives. Over the last 4 decades we have earned the trust of over 500 million users through our award-winning products and member services. With the power of LifeLock, the #1 most recognized brand in identity theft protection and Norton, a leader in consumer cybersecurity we can help protect your customers. Our high brand awareness, combined with award-winning products and services, perfectly positions us to help you develop a new innovative portfolio.
Strong Brand Recognition and proven experience Offering the most comprehensive protection on the market solidifies your commitment to helping protect their assets.
AV-TEST, “Best Protection 2022 Award” for Norton 360, January-December 2022.
Tom’s Guide - Best Antivirus Software 2022
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Innovation Norton Labs is a global team dedicated to researching emerging digital threats. These insights feed into our product development and engineering to help protect our members. We have more than 1,000 patents including our proprietary technology that scans for identity threats. † Norton technology blocks millions of cyberthreats every day. 3 billion cyberthreats blocked in 2022. 9 million cyberthreats blocked on average every day in 2022. 50 million phishing attempts blocked in 2022. 1 million malware attacks on mobile devices blocked in 2022.
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10 Based on an annual online consumer survey (n=1205) conducted for LifeLock (or NortonLifeLock) by MSI International, October 2021. † The LifeLock alert network includes a variety of product features and data sources. Although it is very extensive, our network does not cover all transactions at allbusinesses, so you might not receive a LifeLock alert in every single case.
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