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Cyber attacks increase for financial services industry

2017 IBM X-Force: Financial services at centre of cyber attacks. but 2016 marked the financial services sector as the most targeted industry by cyber-attacks. However, criminals attacking.

These involve either a malware attack. increase in vendor security risks and must be proactive in investigating the.

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 · 819 cyber incidents were reported to the Financial Conduct Authority (FCA) in 2018 by the Financial Services sector. According to data, compiled by risk assurance firm RSM, the number of reported cyber incidents had increased exponentially from the 69 reported cases in 2017.

 · Opinions expressed by Forbes Contributors are their own.. lives and enterprise records will increase the cost of data. the damage to companies inflicted by cyber crime and attacks.

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Financial services firms have been warned that “more needs to be done” to shield themselves from cyber-attacks, following a huge increase in the number of incident reports made to the UK financial regulator. The number of “cyber incidents” conveyed to the Financial Conduct Authority (FCA) last year by finance businesses increased by.

 · costly cyber attacks are having a significant and growing financial impact on businesses worldwide. According to new research published today by Accenture (NYSE: ACN) and the Ponemon Institute, in 2017 the average cost of cyber crime globally climbed to $11.7 million per organization, a 23 percent increase from .5 million reported in 2016, and represents a staggering 62 percent increase.

This might lead you to believe that increased spending on cyber security for financial services is mitigating threats in the industry, but don’t be fooled. Despite dropping down in the rankings of most vulnerable companies to cyber attacks, the financial services industry still faces very serious threats.

“As the quantity and complexity of cyber-attacks have been increasing, the financial services industry should prepare itself to. sets that can be analyzed to reveal patterns and trends to increase.

5 credible cybersecurity threats To The Financial services sector. geographic area-the threat of cybersecurity issues increases.

Malware and web-based attacks are the two most costly attack types – companies spent an average of US $2.4 million in defense. Click To Tweet; The financial services industry takes in the highest cost from cyber crime at an average of $18.3m per company surveyed.

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