Today’s Financial Services industry is undergoing a massive digital transformation. The emergence of FinTech, the evolving needs of the digital consumer and the revolution in technology is paving way for faster digitization. Newer apps are getting built with high API exposures in a stringent compliance driven environment. All these mount to higher security concerns than ever before.
The industry is witnessing a new scale and scope in security breaches. It has evolved from a simple hack compromising PII information of 83 million J.P.Morgan records, to a highly sophisticated attack by cyber gangs, amassing billions of dollars.The Carbanak gang steals $1B from 100 banks in 30 countries and the Lazarus attack compromises the largest financial network, SWIFT. There is more threat to an app than ever with 82% of all cyber attacks coming from Web Apps. The per capita cost of a breach is about $221 much above the cross industry average and includes various costs on customer reimbursements, audits and regulatory compliances in addition to lost customers and reputational loss.
Virsec addresses the unique security needs of commercial banks, investment banks, hedge funds, publicly traded stock markets, credit card merchants and issuers, payment processors, insurance companies and others by offering comprehensive application protection all the way from sophisticated indefensible memory attacks to web attacks at near 100% accuracy.