Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

8/15/2019
05:50 PM
Dark Reading Staff
Dark Reading Staff
Products and Releases
50%
50%

70% of Financial Companies Suffered a Cybersecurity Incident in the Past 12 Months

Nearly half originated from employees failing to follow security protocol or data protection policies, according to Clearswift.

Theale, UK, 15 August, 2019 – New research by data security company Clearswift reveals that 70% of financial companies have experienced a cyber security incident in the past year, highlighting the serious threat that both data breaches and malicious attacks pose to the UK’s financial sector.

The research, which surveyed senior business decision makers within enterprise financial organisations in the UK, found that almost half of the incidents reported over the past 12 months originated from employees failing to follow security protocol or data protection policies. This threat was biggest in mid-sized financial companies (3,000-4,999 employees) with 52% of respondents citing employee failure to follow corporate data protection policies as their biggest issue.

In addition to this, it was found that further causes of cyber security incidents within the financial sector included the introduction of malware and viruses via 3rd party devices, including USBs and BYOD (32%), file and image downloads (25%) and employees sharing data with unintended recipients (24%).

“The financial sector is the lynchpin of the UK’s economy and a vital part of our nation’s Critical National Infrastructure, so it is alarming to see such high numbers of security incidents within financial organisations,” said Dr. Guy Bunker, CTO, Clearswift. “Unfortunately, in this day and age it’s a case of ‘when’ not ‘if’ a firm is breached so the financial sector needs to shift gears and speed up the innovation and deployment of effective data protection and threat mitigation strategies.”

The numbers associated with security incidents are in stark contrast with further findings from the survey which revealed less than a quarter (23%) of respondents had an adequate level of budget allocated to cyber security within the firm. Unsurprisingly, 73% of respondents would like to see some, if not significant, increase in their organisation’s cyber security spending.

Bunker added: “Whether it’s an inadvertent mistake, a malicious insider, or an external threat actor that causes a security incident, the ramifications of data loss are extremely serious for any organisation. For those organisations who hold citizen data and their financial information, there is a need for extra vigilance to protect that data no matter where it is stored, how it’s processed or what digital collaboration channels it flows through. Understanding the latest threats and the potential consequences from next generation attacks will help drive the business case for investment in new technology to mitigate the risks.

“Cyber security needs to rapidly evolve and the budgeting process should take this into account – the threat which can bring down a company may not have existed three months ago. Financial organisations need to be able to respond immediately in order to protect their reputation. While many areas of securing a company’s data can be improved by educating employees and developing clear policies and processes, technology plays a key role in mitigating today’s biggest threats through automating and enforcing security protocols - which requires investment. With the competition only a mouse click away for those with poor security, great information security is a positive business differentiator and driver of growth.”

Notes to editors:

This research was conducted by technology research firm, Vanson Bourne, on behalf of Clearswift. 100 senior business decision makers from financial organisations in the UK were polled to map the attitudes of businesses and employees relating to cyber security.

For further information or to arrange a briefing please contact:

Niall Moran (on behalf of Clearswift)
[email protected]
0203 141 2989

About Clearswift

Over 70% of Clearswift clients operate within critical national infrastructure, including defence organisations, government agencies and financial institutions, all of which demand the most advanced cyber threat prevention and information security solutions. Working closely with these clients over two decades has enabled Clearswift to gain a clear understanding of the cyber challenges they face, keep abreast of their evolving threatscape, and support compliance with the complex regulatory environment within which they operate.

The united approach to working with clients has ultimately driven the specialised development of the award winning Clearswift product portfolio, which is backed up with a superior 24/7 customer support service and an extensive channel partner network across the globe.

As a global organisation, Clearswift is headquartered in the United Kingdom, with offices in the United States, Germany, Australia and Japan.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio
 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Threaded  |  Newest First  |  Oldest First
COVID-19: Latest Security News & Commentary
Dark Reading Staff 7/6/2020
Russian Cyber Gang 'Cosmic Lynx' Focuses on Email Fraud
Kelly Sheridan, Staff Editor, Dark Reading,  7/7/2020
Another COVID-19 Side Effect: Rising Nation-State Cyber Activity
Stephen Ward, VP, ThreatConnect,  7/1/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Special Report: Computing's New Normal, a Dark Reading Perspective
This special report examines how IT security organizations have adapted to the "new normal" of computing and what the long-term effects will be. Read it and get a unique set of perspectives on issues ranging from new threats & vulnerabilities as a result of remote working to how enterprise security strategy will be affected long term.
Flash Poll
The Threat from the Internetand What Your Organization Can Do About It
The Threat from the Internetand What Your Organization Can Do About It
This report describes some of the latest attacks and threats emanating from the Internet, as well as advice and tips on how your organization can mitigate those threats before they affect your business. Download it today!
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-15600
PUBLISHED: 2020-07-07
An issue was discovered in CMSUno before 1.6.1. uno.php allows CSRF to change the admin password.
CVE-2020-15599
PUBLISHED: 2020-07-07
Victor CMS through 2019-02-28 allows XSS via the register.php user_firstname or user_lastname field.
CVE-2020-8916
PUBLISHED: 2020-07-07
A memory leak in Openthread's wpantund versions up to commit 0e5d1601febb869f583e944785e5685c6c747be7, when used in an environment where wpanctl is directly interfacing with the control driver (eg: debug environments) can allow an attacker to crash the service (DoS). We recommend updating, or to res...
CVE-2020-12821
PUBLISHED: 2020-07-07
Gossipsub 1.0 does not properly resist invalid message spam, such as an eclipse attack or a sybil attack.
CVE-2020-15008
PUBLISHED: 2020-07-07
A SQLi exists in the probe code of all Connectwise Automate versions before 2020.7 or 2019.12. A SQL Injection in the probe implementation to save data to a custom table exists due to inadequate server side validation. As the code creates dynamic SQL for the insert statement and utilizes the user su...