Finance firms face surge in security breaches

IT attacks on financial firms have trebled in the last year, according to a global security survey by consultancy Deloitte.

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.

“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.

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