Financial Firms Lose Half A Million Pounds Per Cybersecurity Incident

Financial Firms Lose Half A Million Pounds Per Cybersecurity Incident

Kaspersky Lab and B2B International have released new data from the Financial Institutions Security Risks 2016. The report reveals that the expenses related to cyber-attacks on the financial firms are mounting as the firms face increasingly modern threats. For each cybersecurity incident, financial firms witness losses of over half a million pounds (£742,003) on average.

What is Financial Institutions Security Risks 2016?

Finance professionals around the world participate in the Financial Institutions Security Risks 2016 survey. The professionals underline the key security encounters for banks and financial firms globally. They also try to highlight the financial impact of particular cyber-attacks.

The digital frauds are becoming common with the increased dependency on the online banking and transactions. Such cyber scams can harm businesses as well as individuals. In these types of frauds, hackers attack our computer systems and user’s sensitive and personal data is robbed.

According to the Financial Institutions Security Risks 2016, following are the top three areas of cyber- attacks:

  • Cyber-attacks related to point-of-sale (POS) systems, which resulted in a loss of about £1,658,161 for an organization.
  • Attacks on mobile devices lead to a loss of about £1,314,933 for a financial firm.
  • Targeted attacks brought in an approximate loss of £1,045,697 for each firm.

Common Types of Cybersecurity Threats to Financial Firms

SMS phishing: This type of phishing is also known as ‘Smishing’. Here, short messaging services or SMS technology is used to extract any individual’s confidential information such as user id, password, etc.  The criminals execute this activity to infect targeted mobile network with viruses or malware.

Distributed Denial of Service (DDoS): In this type of cybersecurity attack, the attackers try to overwhelm a targeted server with huge traffic. As a result, an online service becomes totally unavailable to its users. In this scenario, they try to hack important information from targeted websites. Some of the types of DDoS attacks include Bandwidth attacks, Application attacks and Traffic attacks.

Spear Phishing: In this type of cybercrime, email asking for confidential information, i.e. password or login id, is sent to an organization’s targeted department. Along with it, simply by clicking on the link or attachment sent by the criminals, malware can get inserted in that computer system.

uMitB scams: This is Universal Man-in-the-Browser scam. Here, the data is not theft from any particular website. But all the websites are attacked that can provide them with required sensitive or confidential data regarding their target. To avoid becoming targets of this scam, a user should follow general safety norms and try to secure himself from malware.

APT: It is known as an Advanced Persistent Threat (APT). In this type of cybercrime, a criminal by remaining unnoticed, penetrates the targeted network and remains there for a longer period of time. The main motto of the attacker is to steal sensitive and confidential information.

Use VPN for Enhanced Cybersecurity

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