IT attacks on financial firms have trebled in the last year, according to a global security survey by consultancy Deloitte.
A worrying 78% of the 100 global financial firms in the survey say they have fallen foul of external IT attacks in the last year, compared to 26% last year. Half the firms had also suffered an internal breach this year.
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“The types of attack, the execution and exploitation require significant resources and coordination, which implies professional hackers and organised crime have taken over a domain once ruled by ‘script kiddies’ and one-off hackers,” says Mike Maddison, director of security and privacy services at Deloitte.
Phishing and pharming accounted for more than half the external attacks, while insider fraud (28%) and leaking customer data are the most common internal threats.
Typically, those companies that experienced a security breach say the direct and indirect costs of the damage are £0.5m.