Financial & Banking

Financial services are a prime target for cyber criminals due to the large amounts of sensitive data they hold. According to a report by the Identity Theft Resource Center, the financial sector had the highest number of data breaches in 2020, accounting for nearly 40% of all breaches. This is particularly alarming considering the vast array of sensitive information financial services handle on a daily basis, including personally identifiable information (PII), financial data, and confidential business information.

Given the importance of maintaining the confidentiality, integrity, and availability of sensitive data, it is critical for financial services firms to have robust cybersecurity measures in place. WOM’s exclusive offering, Confidence as a Service™, provides financial services companies with a comprehensive approach to cybersecurity and compliance that can be integrated with any IT managed services provider or internal help desk as a co-managed solution.

One of the key advantages of our offering is our ability to scale enterprise-level cybersecurity solutions down for companies of all sizes, including small and medium-sized businesses. As pioneers in the small business cyber risk field, we understand that even companies with as few as one employee need to protect themselves and their clients from data theft, loss, and downtime.

In addition, our co-managed solutions can integrate seamlessly with existing IT support providers, providing an additional layer of cybersecurity and compliance oversight. This helps to ensure that all cybersecurity and compliance needs are met and that there are no gaps or vulnerabilities in the system.

Compliance is another critical concern for financial services companies, and WOM’s Confidence as a Service™ includes compliance management as a core component. This helps companies stay in compliance with regulations such as the Gramm-Leach-Bliley Act (GLBA), the Payment Card Industry Data Security Standard (PCI DSS), and other relevant regulations.

Given the high cost of data breaches and cyber attacks, it is essential for financial services companies to take a proactive approach to cybersecurity and risk management. According to a report by IBM, the average cost of a data breach in the financial services sector was $5.85 million in 2020. This underscores the need for robust cybersecurity measures, and Confidence as a Service™ provides financial services companies with the comprehensive protection they need.

Another key advantage of our offering is our focus on people. In the area of cybersecurity, a company’s biggest weakness is often its own employees. This is why we place such a strong focus on security awareness training. In the area of IT support and consulting, we focus on making sure that a company’s team is executing their workflows in the most efficient and effective way possible.

At WOM, we prioritize collaboration and partnerships with law enforcement agencies, non-governmental organizations, and other stakeholders to create a united front against cybercrime and other digital threats. By working together with our clients and partners, we aim to create a safer, more secure digital environment for all.

Financial services companies need to take a proactive approach to cybersecurity and risk management in order to protect their sensitive data and maintain the trust of their clients. WOM’s Confidence as a Service™ provides a comprehensive and scalable solution that can be tailored to meet the unique needs of each client. With our focus on people, collaboration, and partnerships, we are uniquely positioned to help financial services companies navigate the complex and ever-changing landscape of cybersecurity and risk management.