Cyber Attacks On Financial Cos On The Rise
The financial organizations are the worst hit of targeted cyber attacks. According to a survey conducted by Kaspersky Lab and B2B International on IT professionals worldwide, 93 percent of financial services organizations said they are experiencing various cyber-threats in the past 12 months. And while cyber attacks targeting financial services firms are on the rise, 30 percent firms still do not provide protection of users’ endpoints or implement specialized protection inside their own infrastructure.
This lack of action to protect them from an attack is causing many users to lose faith in financial firms tasked with keeping their information safe. As the survey also found that 82 percent of respondents said they would consider leaving a financial services firm that suffered a data breach. and that 74 percent of companies choose a financial organization according to their security reputation.
In a separate report, Kaspersky Lab noted that 60 percent of consumers prefer companies that offer additional security measures to protect financial data. The divide between what a business expects from a financial institution versus common perceptions toward the damage caused from a data breach is magnified further when you take into account that only 28% of financial services organizations think that the risk of damages from cybercrime is outweighed by the cost of prevention.
Preventing large-scale attacks
The report notes that a multi-layered security for online and mobile banking will solve the problem to a great extent. The company said that its integrated platform consisting of solutions that protect banking customer endpoints, mobile banking applications, and access to online banking and payments applications. The platform is built to avoid fraud at the earliest point by preventing malware infection, removing existing infections, thwarting phishing attacks and preventing account takeover.
A recent Ovum report also notes that with targeted attacks on financial firms gaining precedence, it is essential for these firms to deploy a multilayered approach to security. While a part of a financial firm’s infrastructure can address the more sophisticated, finely targeted attacks with filtering, while another part can address the blunt instrument of a volumetric attack through absorption tactics, believes Rik Turner, senior analyst, financial services technology Ovum.
Toward this end, Ovum sees Cloud-based security solutions in particular will play a large role in helping banks secure themselves against volumetric attacks, especially given the high upfront costs involved in adding bandwidth and infrastructure on premise at a time when IT budgets are under intense scrutiny. As many organizations do not have an incident response program in place or rely on existing programs that are out of date, not regularly tested or recently updated to address the growing exponential threats, Turner sees a plethora of opportunities for Cloud vendors to address organizations in this area.
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