Cyber attacks increase for financial services industry

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This might lead you to believe that increased spending on cyber security for financial services is mitigating threats in the industry, but don’t be fooled. Despite dropping down in the rankings of most vulnerable companies to cyber attacks, the financial services industry still faces very serious threats.

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Financial institutions are suffering on average 125 intrusions a year.. than other sectors by the most common forms of cyber attack, such as malware.. A sharp increase has also been noted in the number of users infected by banking Trojans .

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Cyber attacks on financial services sector rise fivefold in 2018. Tesco Bank was fined 16.4m by the FCA as a result of a cyber attack in 2016 that saw 2.26m stolen from current accounts.

Cybersecurity retained its top spot as the primary concern for banks, FinTech companies and other financial service institutions in 2017. And for good reason. As per the IBM Cyber security intelligence index, over 60% of all security events in 2016 happened in just a single industry – financial services.

Cybersecurity Requirements for Financial Services Companies (23 NYCRR part 500) Financial Services Is Industry Most at Risk for a Mega-Cyberattack: AIG Survey The survey of cybersecurity experts found that an attack on 5-10 companies simultaneously is highly likely this year.

The Cyber Security Awards. or limiting the impact of attacks. Aqua secures cloud-native applications at dozens of Global 1000 customers across the financial services, technology, retail.

financial services institutions are in a difficult position: dealing with the increased risk posed by cybersecurity attacks.

On the other hand, the cost to thwart a cyber attack is only eight dollars for every patient’s record. This figure alone is enough for healthcare facilities to get protection against cyber attacks. Financial Services. The financial sector is at the second slot on the list of the industries at greater risk of cyber attacks.

Will innovation increase cyber threats in the financial services industry? Innovation is essential for incumbents to compete, but it should not come at the cost of security. With the region’s financial institutions (FIs) under increasing pressure from non-traditional financial services institutions entering into the battlefield, they are.

In the third quarter of 2015, the DDoS (Distributed Denial of Service) trends report numbers were at the highest quarterly levels in the last two years, with the financial and payments sector.