Finance

Although not often publicized, every minute of every day, a bank is under cyber attack. The reason why banks are under constant threat is because cyber criminals want to gain access to some of the valuable data that banks hold including customer details, sensitive information and money.  And it isn’t just banks that are being targeted - two thirds of large businesses in the UK have been hit by a cyber breach or attack in the past year.[1]

Financial cyber security

The current attack landscape for the financial industry is somewhat diverse.

We are in the middle of a fundamental change whereby attackers (usually from organized criminal gangs) are seeking to exploit financial institutions and their employees rather than from the usual targeting of their customers.

There has been a staggering rise in targeted spear phishing attacks recently along with a range of key issues that require consideration:

  • Catastrophic high-profile data breaches have put the financial sector firmly under the spotlight
  • Banks across the world are under constant fire from all angles and a range of threat actors
  • Software flaws continue to be the key issue on the financial industry’s side
  • The mind-set of the industry is changing, with a greater focus on financial cyber security, driven from the top down

Improving financial security is of high importance and NCC Group can help.

Banks should make use of intelligence sharing and intelligence-led financial cyber security tests in order to mitigate risk.

Analysis of more than 15 billion transactions in the past year revealed a 40 percent increase in attacks in the financial sector.

Latest research conducted by MetricStream, revealed that 66 percent of surveyed financial services institutions have faced at least once cyber-attack in the last 12 months.

How can we help?

[1] https://www.gov.uk/government/news/two-thirds-of-large-uk-businesses-hit-by-cyber-breach-or-attack-in-past-year

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