Drill-Down Report Finds Global Financial Services Businesses 300% More Susceptible To Cybercrime

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Global financial services businesses encounter security incidents 300% more frequently than other industries, according to a report released on Tuesday by Raytheon | Websense, a company that helps protect organizations from cyber attacks and data theft.

The 2015 Financial Services Drill-Down Report found “a high degree of specialization among criminals attacking financial services, a huge investment in the lure attack phase and the specific and anomalous Cybercrime attacks pointed at global targets dealing in finance.”

“For years, this industry has been under attack by highly specialized groups of criminals,” said Carl Leonard, Websense principal security analyst, in the release. “By analyzing the Cybercrime actions and attack patterns prominent and anomalous to this industry, we can share this knowledge to more effectively protect our customers’ data and assets.”

One-third of all “lure stage” attacks targeted financial servicesThe report noted that the banking/financial sector – which includes the capital and equity markets – is the source of “almost all capital flows upon which societies and business activities around the world depend. And because the free flow of capital is crucial for both the financial system and the financial industry to function properly, trillions of dollars must be in motion every day,” the report said. “The potential damage and disruption to these markets from a successful data breach is almost incalculable, but includes loss of revenue and consumer confidence, reduced profitability, reputational damage, higher debt levels and currency devaluations, among other risks.” [click image below to enlarge]

The report found that 33% of all “lure stage” Cybercrime attacks target financial services; hackers are spending a “huge amount of resources targeting financial services with a disproportionate amount of reconnaissance and lures,” the release said. Adapted from Canadianunderwriter

 

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