Cyber Security Solutions for Businesses in Financial Services: Challenges, Opportunities, and the Way Forward

Abstract

This paper examines the challenges that small, medium, and large businesses in the financial services industry are facing concerning data security and providing relevant tools and strategies to protect the same. A qualitative research-based approach has been used where one-on-one interviews were conducted with 10 CIOs (chief information officers) and CISOs (chief information security officers). This data was compared with secondary data sources to validate the findings. This paper presents an in-depth analysis regarding security technologies and their efficacy to protect data assets and sensitive information. It will also opine about the technologies that each business type can use economically to cover the gamut of cyber-attacks. Existing research is restricted to either addressing small and medium businesses (SMBs) or large businesses. This paper attempts a comprehensive review for all sizes of businesses.