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Lack of cybersecurity expertize stopping financial firms from protecting their data

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(Image credit: Shutterstock / Song_about_summer)

Last year, financial organizations that keep their apps and data in the cloud  suffered all kinds of cybersecurity incidents, all due to the lack of in-house security knowledge. These are the findings presented in the 2021 Cloud Data Security Report, issued by cloud security company Netwrix.

Polling 937 IT professionals worldwide, Netwrix found that more than half (59 percent) of financial organizations see understaffed IT and security teams as the number one reason for their cloud security woes. Other major factors include lack of expertize in cloud security (44 percent) and employee negligence (37 percent).

Cybersecurity experts and market analysts have been warning about the growing skills gap in the IT security industry for years. IT pros are stretched thin, juggling numerous (often useless) tools and managing dozens of alerts a day, many of which are false positives. At the same time, they need to protect an organization with growing IT complexity from both outsider and insider threats. 

All of this results in highly stressed and burnt-out IT staff, many of whom say they would sacrifice an increase in salary for a more relaxed working environment. 

When it comes to safeguarding data in the cloud, phishing attacks (26 percent), targeted attacks on cloud infrastructure (22 percent), and ransomware (15 percent) are the three biggest threats. 

Among organizations that experienced a data breach, a fifth had to cover unplanned expenses to fix security gaps, faced compliance fines and experienced customer churn.