Security Compliance For Financial Institutions: Key Regulations, Best Practices

With the increasing speed of digitalization in the financial sectors of the world, security compliance for financial institutions is now an important concern. To highlight this even further, by 2025, cybercrime will cost the globe $13.82trillion per year–almost doubling the amount of $8trillion in 2023. This is because in the financial sector that manages in excess of 475 trillion dollars in assets globally, cyberattacks and breaches of information are the order of the day, making it the most targeted sector in 2024, with 27% of data breaches. This year, more than $53billion was lost to financial fraud across the world, and ransomware attacks against banks, neobanks, and fintech levels have increased by 34% in 2022. Regulatory pressure is high, and 94 percent of financial organizations globally experienced at least one audit or regulatory examination in the previous 12 months, with 93 percent in fiscal 2025 recognizing security compliance as a high priority.

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