Lookout, Inc., the endpoint-to-cloud security company, has unveiled new survey findings that expose the surge of data breaches in the financial services industry. The study reveals 70% of IT leaders surveyed via the Gartner Peer Community reported a significant increase in data breaches compared to previous years. As the cloud-first, hybrid work landscape continues to evolve rapidly, financial institutions are compelled to adapt swiftly in order to protect their valuable data.
As organizations struggle to protect their data effectively, the following key themes demand immediate attention.
"In an era of rapid digital transformation, the scattered nature of data across various cloud applications and the routine use of unmanaged networks and devices by employees have given rise to the widespread adoption of Shadow IT and Bring Your Own Device (BYOD) practices," explains Aaron Cockerill, Chief Strategy Officer at Lookout. "To effectively address this challenge, organizations need to acknowledge and confront the overconfidence bias that has traditionally driven a strict focus on data control. While the historical approach aimed to keep data within corporate boundaries and limit access to managed devices, the reality of today's landscape requires a shift in strategy. Financial institutions must swiftly adapt and adjust their approaches to safeguard valuable data without compromising the productivity gains offered by the cloud-driven environment."
The report, which collected data from 365 IT and security leaders across the EMEA, APAC, and North America regions between August 2022 and January 2023, highlights the significant challenges posed by hybrid infrastructures, disparate security tools, and the spread of data across multiple cloud applications.
Download the Lookout report here.
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About Lookout
Lookout, Inc. is the endpoint-to-cloud cybersecurity company that delivers zero trust security by reducing risk and protecting data wherever it goes, without boundaries or limits. Our unified, cloud-native platform safeguards digital information across devices, apps, networks and clouds and is as fluid and flexible as the modern digital world. Lookout is trusted by enterprises and government agencies of all sizes to protect the sensitive data they care about most, enabling them to work and connect freely and safely. To learn more about the Lookout Cloud Security Platform, visit www.lookout.com and follow Lookout on our blog, LinkedIn and Twitter.
© 2023 Lookout, Inc. LOOKOUT®, the Lookout Shield Design®, and LOOKOUT with Shield Design® are registered trademarks of Lookout, Inc. in the United States and other countries. DAY OF SHECURITY®, LOOKOUT MOBILE SECURITY®, and POWERED BY LOOKOUT® are registered trademarks of Lookout, Inc. in the United States. Lookout, Inc. maintains common law trademark rights in EVERYTHING IS OK, PROTECTED BY LOOKOUT, CIPHERCLOUD, the 4 Bar Shield Design, and the Lookout multi-color/multi-shaded Wingspan design
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