In the age of digitalisation, where businesses are operating across on-premises and online infrastructures, it will come as no surprise to hear that cyber security is one of the biggest threats to modern businesses.

Data from the National Cyber Security Centre revealed that the UK experienced 2.7 million cyber incidents between March 2021 to March 2022.

But it’s not just the UK that should be concerned; according to Zippia, an average of 30,000 websites are hacked each day with cyber attacks occurring on average once every 39 seconds

A recent case that has been prevalent across Scottish media saw a Glasgow-based manufacturer targeted by criminals trying to validate stolen financial information. Over the course of a single weekend, attackers attempted 4,800 transactions to validate credit card data they had stolen, proving the sheer scale of their operation and the lengths they would go to find a weak link.

Fortunately, the attack didn’t cause significant financial loss to the manufacturer, although it did lead to substantial disruption, loss of company time and cost of recovery. Unfortunately, not all businesses are as lucky.

Cyber crime incidents are accelerating and, according to the Information Commissioner’s Officer (ICO), the biggest risk UK businesses are facing is not from the hackers themselves but from the complacency towards cyber threats within organisations.

While security should be high on the agenda for every business, the stakes for regulated industries – like the financial services industry (FSI) – are particularly high.

In our most recent report, The Content Management System market in 2023: what financial services marketers really think, we found that half of FSI organisations have suffered a data breach through their CMS in the last three years.

As one of the most regulated sectors out there, the figure is alarming. But, despite the highly sensitive nature of information and strict regulatory requirements, just 30% of respondents said platform security is a priority.

In today’s world, cyber crime is not just your typical social media hacker terrorising and trolling fellow users, cyber criminals are setting their sights on much higher and more financially lucrative targets.

Our data found that 77% of FSI organisations with revenues of more than £500 million were more likely to be impacted by a breach through their CMS than smaller organisations.

What’s more, data breaches are not a cheap fix. Time is money and every second counts for both the victim and the attacker. According to the IBM Cost of a Data Breach Report, the average cost of a data breach to UK businesses was £3.4 million in 2023.

Based on these figures, if you work in the financial services industry, there’s a high likelihood your organisation will eventually fall victim to a cyber threat or data breach.

However, there are several preventative measures that FSI organisations can take to protect their castle from attackers.

Moving to the Cloud

Implementing clear processes is great but the real risk lies within an organisation’s infrastructure, so, when it comes to choosing a CMS, there are two key things to consider.

Firstly, make sure security is at the heart of your CMS. Given the clear and present danger of the growing threat landscape, security must become a critical priority for all businesses – not just those in IT. By selecting a CMS that’s fit for purpose when it comes to security, organisations can mitigate the threat of cyber attacks and maintain business continuity.

Secondly, consider your cloud architecture. Having a cloud-based platform allows you to control who accesses the site and when. This can prevent any unauthorised users from compromising digital systems, as well as preventing approved users with insider access from misusing their credentials and leaking data.

The combination of a robust CMS and a cloud-based strategy will limit the potential for organisations to be breached – which is even more important for regulated sectors.

Locking your Digital Doors

When shutting up shop for the night, owners tend to make sure all the doors and windows are locked to secure the premises; in the digital realm, the same rules apply.

Having multiple platforms means more entry points for your attackers. Our data found 88% of FSI organisations have more than one content management system, leaving them at risk of being exposed to a hacker’s radar.

Now, I’d be lying if I said having one CMS will stop attackers altogether but streamlining your platforms into one system will reduce your exposure to attackers and minimise the risk of data breaches.

Selecting a CMS that is not only scalable but has security at its core will allow organisations to streamline all the systems into one single platform.

The scalability of the platform and embedded security measures will reduce exposure to cyber criminals and minimise the risk of data breaches.

Compliance is Key

Upholding the security of your CMS is not plainly important reputationally but can also be a requirement to support regulatory compliance which, if ignored, can also result in hefty fines.

While the security of your CMS is important content also has a key role to play.

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Many (two-thirds) of the marketers we heard from revealed their content must align with regulatory requirements. To support and streamline this process, organisations can use templates built into a single system to ensure that no inaccurate content can be published. This is particularly useful for financial results which must be published in a specific time frame.

In essence, the security of your CMS is a problem that is much closer to home than some may think.

Our data reinforces the collective concern from across the FSI sector. Security unease among marketing directors and CMOs is high and rising.

Selecting a CMS that has security as a key foundation, moving to a cloud-based model, and streamlining your platforms into one singular system will fundamentally reduce your risk of cyber-attacks, helping to strengthen the protection of your web estate.

Given the highly regulated nature of FSI organisations, it’s all the more important to have clear security processes in place and take the steps needed to ensure the protection of your castle.

To read the full report The Content Management System market in 2023: what financial services marketers really think, download here: https://www.forrit.com/en/state-of-cms