The financial services sector has suffered the full force of cybersecurity breaches, more so than any other industry CNBC reports.
The appallingly massive Equifax hack in early September, in which 145 million Americans had their personal information and data posted publicly, was just one of many cybersecurity breaches that have happened to large financial sector corporations.
Adam Moseley, the managing director of business and consulting at Charles Schwab, gave CNBC his view of some imposing cyber threats that businesses should be more prudent at protecting against.
“I don’t think there’s a single greater threat to your organizations outside of email,” Moseley warned. “We don’t hesitate to click a link, to open an attachment.”
Emails can contain many forms of malicious attacks and employees should take greater care both at work and home when opening unfamiliar emails. The other common mistake is using weak passwords.
A weak password, Moseley believes, is anything under 12 characters that have some unique characteristics. There’s a good reason many more websites are requiring capital, lowercase, number, and symbol among the required characters for a secure password.
What does this all mean?
For businesses and individuals alike, we are entering into a new era of the internet age. One where the burglars of the past have moved online to execute their schemes.
The technology for burglary prevention in commercial businesses has become such a strong deterrent that 83% of convicted burglars said that they would check for an alarm before attempting a heist.
The fact of the matter is right now, online security is weaker than a physical building. But it is through these hackers exposing security blind spots that the technology geared toward preventing these intrusions will eventually be perfected.
Equifax was never really hacked, rather your personal data was stored in plain text on a searchable website. This is how security is treated today, how will it be treated tomorrow?