Cyber attacks cost financial-services firms more to address and contain than in any other industry, and the rate of breaches in the industry has tripled over the past five years, according to a report from Accenture and the Ponemon Institute.
Even the retail industry is arming itself heavily to fend off attacks on customer data: In 2015, its average security spend increased by 67% over the previous year. The retail sector registered a 154% increase in detected cyber attacks between 2014 and 2015 and a 159% rise in financial losses over the same period.
Will innovation increase cyber threats in the financial services industry? Innovation is essential for incumbents to compete, but it should not come at the cost of security. With the region’s financial institutions (FIs) under increasing pressure from non-traditional financial services institutions entering into the battlefield, they are.
This shift gives the financial. the types of attacks hitting the sector. "One of the first things we were interested in was a significant increase in Web application compromise as the type of.
Customers of financial services suffered 65% more cyberattacks in 2016 than customers of any other industry, which represented a 29% increase from the previous year, according to Bank Group estimates. Improving coordination between financial sector authorities and other agencies dealing with cyber risk and cybersecurity is essential.
The financial services industry is the target of a whopping 65% more targeted cyber-attacks than the average business, according to security watchers at IBM’s X Force. The number of financial.
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Telstra has ruled out a cyber or hacking attack after a five-hour nationwide EFTPOS. Ms Bullock said she expected the RBA.
Financial Sector Firms Face More Cyberattacks, Higher Costs. In the United States in 2017, the financial sector suffered the most data breaches of all sectors, with 8.5 percent of the attacks targeting banks, brokers, investment firms and other financial companies, according to ITPS Magazine. "financial services firms fall victim to.
The financial sector is facing the highest number of organised cyber attacks and multi-channel threats, a ThreatMetrix report reveals. Network revealed a 40% increase in cyber criminal.
Cyber attacks on financial services sector rise fivefold in 2018. Tesco Bank was fined 16.4m by the FCA as a result of a cyber attack in 2016 that saw 2.26m stolen from current accounts.