Financial Services

Sector: Financial Services

Financial services firms remain a major target of commercially-motivated hackers and are on the receiving end of over 10% of all cyber-attacks worldwide. Bad actors target the industry because of the vast amount of personally identifiable information data processed daily.

Research has found that the average bank employee can access over 11 million files on the first date of employment. This data includes credit card numbers and bank account information that can be used to commit fraud or be sold on the dark web if stolen. 

The average cost of a successful data breach in financial services is $18.3 million, the highest cost per cyber-crime of any industry. One reason for this high cost is that it takes financial services organizations an average of 233 days to contain a data breach, giving bad actors the time to harvest more data and cause greater harm.

QD5’s unified cybersecurity platform protects financial services organizations from data breaches and other cyber threats. The approach utilizes a secure encryption technique for secure communications and to protect data in-transit.

This also means that QD5-secured financial data, which remains valuable to criminals for decades, cannot be accessed no matter how powerful quantum computers become. This is a major enhancement to Post-Quantum Cryptography (PQC), which represents an important approach to rapidly upgrading existing encryption systems, but one that will not protect against HNDL even when backed up with crypto agility.

This unique approach also offers the same security as Quantum Key Distribution (QKD), without the entanglement, cost, or implementation challenges associated with QKD.