Data Breaches Strike Half of Financial Service Providers via CMS

n a revelation that highlights the vulnerabilities of content management systems (CMS) in the financial services sector, a new report has disclosed that 50 per cent of organisations have fallen victim to data breaches over the past three years.

Three-quarters of financial organisations are currently using a CMS, with Adobe, WordPress and HubSpot being the most popular, according to a report released by Forrit, a provider of next-generation CMS solutions. Many – 88 per cent – are also using multiple CMS systems posing an increased security risk.

Half of those surveyed by Forrit admitted to suffering a data breach within the past three years, a number
that increased in the banking (61 per cent) and wealth management (68 per cent) sectors. The data also found that 77 per cent of FSI organisations with revenues of more than £500million were most impacted by a breach through their CMS.

‘The Content Management System Market in 2023: What Marketers in Financial Services Really Think’ report not only underscores the challenges in CMS security but also offers actionable insights to address issues related to security, compliance, branding, integration, and efficiency.

Peter Proud, CEO of Forrit, said: “Given the highly sensitive nature of information and extensive regulatory requirements in the financial services sector, we know security and compliance are paramount. Options like a cloud-based CMS that integrates with the rest of your system and using templates can help marketers be confident they’re reducing security risk while increasing compliance.”

Other findings

The report also examines concerns marketers have around integration, efficiency and localisation.

Over a quarter (26 per cent) of those surveyed said their CMS does not integrate with other systems at all.
The insurance and reinsurance sectors are most likely to experience this, with 39 per cent and 41 per cent respectively saying they don’t.

Other issues identified by financial services marketers across the board included ease of use (47 per cent) and enforcing brand guidelines (38 per cent).

Proud continued: “Nearly all the issues senior marketers identified in our research could be mitigated by using a single CMS platform, regardless of the organisation’s size. A single platform which is secure, flexible, easy to use, and scalable is the simplest way to overcome all the pitfalls marketers identified around their CMSs. It’s more secure and can develop alongside your organisation as it grows.”