May 1, 2017 — Financial services sector most attacked in 2016
Robert Capps, VP at NuData Security, comments on these findings, noting the shear size of the financial sector makes it almost impossible that more than the traditional security methods need to be applied.
Robert Capps, VP of business development at NuData Security, noted the shear size of the financial sector makes it almost impossible that more than the traditional security methods need to be applied. “Through a combination of behavioural biometrics identification and analytics, device location, and entity linking, the organisation can continuously authenticate a user’s online identity with unprecedented accuracy, speed, and frictionless user experience. A consumer’s natural interactions can be continuously analysed to confirm identity, and such behaviours form a unique pattern that can’t be stolen, replayed or reused,” he told SC Media.
IBM’s X-Force Research Team has found that cyber-criminals follow Willie Sutton’s old-school, analog advice on why to rob banks because “that is where the money is.”
X-Force’s just released report Security Trends in the Financial Services Sector found this industry is attacked 65 percent more often than any other resulting in more than 200 million records being breached in 2016, a 937 percent increase year over year. This is a major shift in focus, said Nick Bradley, X-Force’s practice lead, noting the previous year saw cyber-criminals focusing on healthcare and retail.
Possibly the saddest data point uncovered in the report is the source of 58 percent of the attacks were due to insiders with only five percent of those being done maliciously. That means 53 percent of the breaches took place due to employee errors, such as falling for a phishing attack or Business Email Compromise (BEC) scams. This is the highest level among the top five most targeted industries, retail, health care, manufacturing, financial services and information and communications.
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