Two thirds of financial organisations hit by cyber attacks in the last year

Nearly two thirds of financial services organisations have faced at least one cyber attack in the last year, according to a new report.

Research by MetricStream found that 66 per cent of financial firms around the world have been hit by at least one attack as the cyber threat to businesses grows.

49 per cent of those questioned said an attack was launched through their employees, emphasising the dangers of social engineering and malicious insiders.

But the results also showed that firms are adapting to tackle the threat, with 91 per cent including cyber security as a formal part of their enterprise risk management programmes.

71 per cent reported that their cyber security programmes include third parties, and 38 per cent are using an IT governance, risk management and compliance solution.

“As the report demonstrates, an increasing number of financial institutions are falling prey to cyber attacks,” said French Caldwell, chief evangelist at MetricStream. “In fact, many are not even aware that they’ve been attacked until it’s too late.

“The best defence for organisations is to implement a pervasive and mature cyber security programme that is integrated with their enterprise risk management framework, driven from the top and based on the latest industry security standards.

“Technology can prove a valuable ally in this endeavor, by aggregating risk and threat intelligence from across the enterprise and transforming it into the insights that organisations need to secure their assets and protect their brand.”

Several attacks on high-profile financial institutions have hit the headlines this year, including cyber criminals using malware to attack Swift messaging system users.

“This is a shift from previous attacks that have been more focused on stealing from banking customers,” said Kevin Bocek, chief cyber security strategist at Venafi, when a second group of attacks was spotted. “After the success of the first Swift hack, it’s unsurprising to see the headlines doing the rounds again and I’d be shocked if this is the last we see of it.”

For the full report, see the MetricStream website.

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