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Financial Services Security: Managing Risk and Seizing Opportunity

In this blog, we look into networking and security challenges in the financial services industry, explore real-world examples of risks and breaches, and find opportunities to turn security concerns into a competitive advantage.

The financial services sector is the backbone of global commerce, facilitating trillions of transactions on a daily basis. This makes the sector not only a prime target for cybercriminals, but one where the impact of human error can be catastrophic. Organisations within this space must navigate a complex web of regulatory requirements, technological advancements, and a threat landscape growing in sophistication. Networking and network security form the foundation of this digital infrastructure, and the stakes for getting it right have never been higher.

The Risks of Poor Networking in Financial Services


The financial sector relies heavily on interconnected systems, which creates vulnerabilities that can be exploited, if not managed correctly. A notable example is the 2024 MoneyGram data breach, where attackers exploited weaknesses in the organisation's network, compromising sensitive customer information. 

In March 2020, Finastra, a leading financial technology provider, experienced a significant ransomware attack that led to the shutdown of key systems to protect customer data. In November 2024, Finastra faced another cybersecurity incident involving unauthorized access to its Secure File Transfer Platform (SFTP).

Key risks associated with poor networking and security include:

  • Data breaches: Data breaches resulting from inadequate security can severely erode trust, resulting in lost revenue. For instance, companies like MoneyGram experienced significant reputational damage and commercial fallout after a breach compromised their relationship with the Post Office. Beyond reputation, regulators may impose severe financial penalties for failing to protect customer data, such as GDPR fines in the EU, up to €20 million or 4% of the company's total worldwide annual revenue, whichever is greater.

  • Downtime and disruption: Poor network performance or security lapses can result in service outages that disrupt business operations. For financial services companies, this leads not only to lost direct revenue, but damages customer relationships. This can be fatal in industries like insurance, where real-time access to quotes and services is crucial, and alternative options are easy to find. 

  • Compliance failures: Failing to implement proper security controls can lead to non-compliance with industry regulations such as GDPR, PCI DSS, and others. The consequences of non-compliance extend beyond fines. Companies can face long-term reputational damage, the cost of legal action, and the potential loss of business partnerships.

Opportunities to Strengthen Networking and Security



While the risks are significant, organisations that prioritise robust networking and security measures stand to gain a competitive edge. Companies excelling in this area not only mitigate threats but also unlock opportunities for innovation and customer trust.

One such example is JP Morgan Chase, which has invested heavily in cybersecurity, including advanced network segmentation and threat detection. Their proactive approach has earned them industry recognition.

Another example is a leading UK Insurer, who implemented Cloud Gateway’s managed services to fill a skills gap and meet strict security requirements. The solution involved deploying an internet-facing security perimeter for the pricing platform, providing advanced threat management, deep packet inspection (DPI), web application control, and secure connectivity across multiple environments.

How Cloud Gateway Can Help


Navigating the complexities of networking and security in financial services requires more than just technology; it demands expertise, agility, and a holistic approach. At Cloud Gateway, we bring all these elements together into one ecosystem that simplifies and secures your digital operations.

Our unique positioning as a boutique Managed Service Provider (MSP) combines cutting-edge platform technology with unparalleled network and security expertise. Here’s how we stand out:

  • Comprehensive visibility: We provide a single platform to monitor your network and security infrastructure, enabling better control and decision-making.

  • Speed and security: Our solutions are deployed quickly and meet all your security standards, whether you’re operating in the cloud, on-premises, or a hybrid environment.

  • Customer-centric approach: From initial design to ongoing support, we place your needs at the heart of our services.


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