Cyber attacks increase for financial services industry

Customers of financial services suffered 65% more cyberattacks in 2016 than customers of any other industry, which represented a 29% increase from the previous year, according to Bank Group estimates. Improving coordination between financial sector authorities and other agencies dealing with cyber risk and cybersecurity is essential.

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.

orchestration of a large-scale cyber-attack is likely a matter of "when", not "if". This report represents the outcome of a joint effort of DTCC and Oliver Wyman to bring together financial services and non-financial services practitioners to investigate cross-industry coordination on response and recovery

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LONDON, Dec 19 (Reuters) – Britain’s intelligence agencies need to do more to help regulators to protect the financial services industry from cyber crime. "Legacy systems, human error and.

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In this blog series, I want to do a deep dive into the survey results for the financial services (FS) industry. On the one hand, not so good. Financial services companies are leading the pack, but not in a good way in every case. For example: 1. Cyber attacks cost financial services firms more to address and contain than in any other industry.

Financial services organisations remain a firm favourite for cyber criminals. Industry reports suggest that hackers target financial service firms 300% more often than any other sector – and this situation is unlikely to change. Many companies, especially those in the financial services sector.

constantly shifting for financial services companies. Throughout 2017 and the first half of. continued increase in attacks that directly target financial. that protect against already-known cyber attacks. As a result, they neglect.

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The number of cyber attacks against financial services companies reported to the Financial Conduct Authority (FCA) has risen by more than 80% in the last year. In 2017, 69 material cyber incidents were reported to the FCA, an increase on the 38 in 2016 and 24 in 2015.

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The UK’s critical infrastructure faces an increase in cyber attacks of up to 100%. reporting a significant increase in reported attacks, let alone those that pass undetected. As more elements of.

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