20 November 2017
visit www.solutions.lexisnexis.com

Financial sector breaches skyrocket in 2016

28 April 2017  |  10792 views  |  0 Computer virus

More than 200 million financial services records were breached in 2016, representing a 937% percent increase over the previous year, according to data from IBM.

The monetary gains associated with corporate and customer data available throughout the financial sector proved appetising to cybercriminals in a year which saw hackers switch their focus away from the healthcare and retail sectors to go straight to the source.

The data from IBM's X-Force Research team revealed the financial services industry was attacked more than any other industry in 2016 - 65% more than the average organisation across all industries.

As a result, the number of financial services records breached skyrocketed 937 percent in 2016 to more than 200 million.

In total, financial institutions were forced to defend against a 29% increase in the number of attacks from 2015. Intruders concentrated their activity on the weakest link in the security chain, hitting employee machines with wave after wave of phishing campaigns in an attempt to plant malware. These insider attacks were the genesis of 58% of the breaches tracked by IBM.

A new report by Verizon which examined 2000 breaches at major organisations found malware and phishing were the go to techniques favoured by cyber-criminals.

“Cyber-attacks targeting the human factor are still a major issue,” says Bryan Sartin, executive director, global security services, Verizon Enterprise Solutions. “Cybercriminals concentrate on four key drivers of human behavior to encourage individuals to disclose information: eagerness, distraction, curiosity and uncertainty. And as our report shows, it is working.”

To mitigate against the threat, IBM recommends that all banks conduct regular staff awareness training and employ strong data access and governance principles, augmented by a multi-layered approach to fraud detection.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK FS firms see fight against cybercrime as major challenge

UK FS firms see fight against cybercrime as major challenge

27 March 2017  |  8707 views  |  0 comments | 10 tweets | 10 linkedin
SIX and IBM to build Watson-powered cyber-security hub

SIX and IBM to build Watson-powered cyber-security hub

24 March 2017  |  8922 views  |  0 comments | 16 tweets | 13 linkedin
Kaspersky records uptick in financial phishing and banking malware

Kaspersky records uptick in financial phishing and banking malware

24 February 2017  |  9037 views  |  0 comments | 6 tweets | 9 linkedin
Number of US data breaches jumps 40% in 2016

Number of US data breaches jumps 40% in 2016

20 January 2017  |  7968 views  |  0 comments | 7 tweets | 18 linkedin
Professor predicts 'major bank will fail' from cyber attack in 2017

Professor predicts 'major bank will fail' from cyber attack in 2017

06 January 2017  |  22186 views  |  0 comments | 28 tweets | 38 linkedin
Turkey's Akbank facing $4m liability after hack

Turkey's Akbank facing $4m liability after hack

16 December 2016  |  14136 views  |  0 comments
Cyber risk beats out Donald Trump as FS industry's top concern

Cyber risk beats out Donald Trump as FS industry's top concern

08 November 2016  |  6203 views  |  0 comments | 14 tweets | 13 linkedin
Android malware targets bank and social media apps

Android malware targets bank and social media apps

04 November 2016  |  14162 views  |  1 comments | 18 tweets | 21 linkedin
New EU rules could cost UK firms £122bn in cybersecurity fines - PCI SSC

New EU rules could cost UK firms £122bn in cybersecurity fines - PCI SSC

17 October 2016  |  22480 views  |  4 comments | 32 tweets | 40 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.atos.netvisit www.ncr.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
16969 views comments | 25 tweets | 28 linkedin
Singapore central bank open sources blockchain prototypesSingapore central bank open sources blockc...
12467 views comments | 15 tweets | 29 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
10650 views comments | 15 tweets | 39 linkedin
Digital receipt startup Flux scores game-changing deal with BarclaysDigital receipt startup Flux scores game-c...
10304 views comments | 20 tweets | 36 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
8728 views comments | 26 tweets | 37 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job