Myota Addresses Industry-Specific Information Protection & Cyber Resilience Needs
For the majority of Financial Services organizations, unstructured data represents over 80% of the total data under management. This creates a significant data governance challenge that continues to expand as digital transformation becomes the rallying cry for the industry. The vast volumes of unstructured data used in daily operations place Financial Services companies at risk of a variety of nefarious attacks – both external and internal in their origin. Many Financial Services companies are potentially at risk because they may lack a governance process for handling unstructured data.
As an industry, Financial Services has made significant progress overall related to cybersecurity, particularly detection and prevention of attacks. However, the industry finds itself in the paradoxical situation of being one of the most improved verticals in terms of security maturity, yet one that remains at a comparatively high risk due to its simmering unstructured data governance challenge. Myota’s next-generation information protection is an ideal solution to this challenge.
The average cost of a financial services data breach is among the highest of any industry, at $5.85 million USD.
Insurance & Risk Management
Insurance industry organizations face many of the same challenges as other verticals. However, firms often have the unique perspective of being a target of attacks while also being engaged in risk assessment and remediation for their customers. Insurance companies are well advised to incorporate a multi-layered security strategy to reduce the risk of data loss from ransomware and data breaches that compromise intellectual property, customer information and highly sensitive business information.
Myota can augment and elevate existing data loss prevention solutions and cloud storage security tools to delver exponential information protection as the volume of unstructured data continues to expand. Myota enables improved data governance to support compliance with industry and data privacy regulations.
30% of cyberattacks on insurance companies successfully access sensitive data.
Over the past year, the legal industry witnessed a significant spike in the number of ransomware attacks involving data exfiltration. While most law firms have some form of encryption protocol in place to protect sensitive internal and client information, the growing sophistication of attacks warrants a re-assessment of the adequacy of those defenses.
In particular, it will be important for firms to develop an incremental layer of protection and resilience against the loss of sensitive information disclosure that could potentially cause financial or reputation damage. As increasing data loss incidents impact cyber liability insurance, garnering this protection from ransomware will become more challenging and expensive. Myota can boost immunity to these threats for legal firms.
60% of all ransomware attacks and data breaches within the legal system target law firms.
Accounting & Audit
Accounting firms are a top-tier target for cyber criminals, given the sensitive financial and personal client data they manage. While many mid-and small-sized firms operate under the premise that they are not at the same risk as large multi-national accounting and audit organizations, the rate of ransomware and data breach attacks has risen dramatically at all levels.
Industry regulations and compliance requirements can add to the risk profile of accounting firms, elevating the importance of strong data governance policies combined with an increased focus upon protection and restoration capabilities related to the firm’s most sensitive data assets. Myota represents a critical information protection and resilience solution for the accounting industry.
More than 20% of sensitive files are left unprotected in financial services firms.
Life Sciences companies are among the most frequented targets of cyberattacks since the onset of the pandemic. Ransomware attacks against life sciences companies have escalated and the size, sophistication and impact of these attacks continues to expand. Data loss, systems compromise and disruption of business continuity extract a heavy toll upon life sciences companies when an attack occurs. The implications to the business and customers can be extensive. Because of the industry’s reliance upon technology and highly sensitive data, the life sciences industry will be required to be a “first-mover” regarding adoption of innovative methods of protecting and governing data assets, while developing strategies to ensure enterprise resilience from inevitable attacks. Myota represents next-generation information protection ideally suited for life sciences organizations.
14% of all ransomware attacks in the past year targeted life sciences and healthcare organizations.