The financial services industry falls victim to cybersecurity attacks 300 times more often than any other. 47.5% of financial institutions were breached in the past year, while 58.5% have experienced an advanced attack or seen signs of suspicious behavior in their infrastructure, according to a Bitdefender white paper.
In fact, research from Accenture shows that the number of security incidents in this sector has tripled in the past five years, and the containment cost has increased by 9.6 percent. The financial services sector currently spends as much as 40 percent more on breach containment and detection than it did three years ago, Accenture found, making it easily “the highest cost of cybercrime” in comparison with other industries.
Financial services companies are severely impacted by business disruption and information loss, which end up draining the mitigation budget. If, in the past, financial companies thought they could get away with mediocre security strategies or even without properly investing in cybersecurity, recent heists have proven them wrong.
Denial of service, social engineering, drive-by downloads and phishing to disseminate banking Trojans, and malicious insiders remain the most prevalent attack strategies, the study says. Third-party vulnerabilities are among top risks exposing the financial sector to cyber intruders and data breaches. For example, 72% of financial services companies in the UK were hacked in the past year, possibly due to third-party vulnerabilities.
What is the actual cost of breaches in the financial sector and what kind of measures do CISOs leading financial services institutions take to ensure proper cyber defense, data security and prevent business disruption?
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