Operations

2/14/2018
12:30 PM
Sara Peters
Sara Peters
Quick Hits
Connect Directly
Twitter
RSS
E-Mail
50%
50%

Cybercrime Costs for Financial Sector up 40% Since 2014

A 9.6% increase just in the past year, and denial-of-service attacks are partly to blame.

Financial services companies spend more on cyber incident response, on average, than any other industry, and the amount they spend per incident has swelled by 40% over the past three years, according to a new study. 

The Cost of Cybercrime Study, released Tuesday by Accenture and the Ponemon Institute, focuses on direct costs of incident response, not long-term remediation. According to the report, the finance sector's average per incident cost increased from $12.97 million in 2014 to $18.28 million in 2017; well above the 2017 average of all other industries at $11.7 million.

Nevertheless, the financial services industry continues to lead the way when it comes to their cybersecurity programs.          

"While the cost of cybercrime for financial services companies continues to rise, our research found that these companies have considerably more balanced and appropriate spending levels on key security technologies to combat sophisticated attacks than do those in other industries," Chris Thompson, a senior managing director at Accenture, said in a statement. "This is particularly true with regard to the use of automation, artificial intelligence and machine-learning technologies, which could be critical to future cybersecurity efforts."

In fact, the types of attacks that caused the financial services industry the most trouble were those that are as yet difficult to solve with technology, or have recently made advances in sophistication. While malware attacks were among the least costly for financial services at $5.46 million per incident on average, malicious insiders cost $169 million, phishing/social engineering cost $196.6 million, and denial-of-service attacks $227.7 million.

For more information, see here

Sara Peters is Senior Editor at Dark Reading and formerly the editor-in-chief of Enterprise Efficiency. Prior that she was senior editor for the Computer Security Institute, writing and speaking about virtualization, identity management, cybersecurity law, and a myriad ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Government Shutdown Brings Certificate Lapse Woes
Curtis Franklin Jr., Senior Editor at Dark Reading,  1/11/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
The Year in Security 2018
This Dark Reading Tech Digest explores the biggest news stories of 2018 that shaped the cybersecurity landscape.
Flash Poll
How Enterprises Are Attacking the Cybersecurity Problem
How Enterprises Are Attacking the Cybersecurity Problem
Data breach fears and the need to comply with regulations such as GDPR are two major drivers increased spending on security products and technologies. But other factors are contributing to the trend as well. Find out more about how enterprises are attacking the cybersecurity problem by reading our report today.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2015-9276
PUBLISHED: 2019-01-16
SmarterTools SmarterMail before 13.3.5535 was vulnerable to stored XSS by bypassing the anti-XSS mechanisms. It was possible to run JavaScript code when a victim user opens or replies to the attacker's email, which contained a malicious payload. Therefore, users' passwords could be reset by using an...
CVE-2015-9277
PUBLISHED: 2019-01-16
MailEnable before 8.60 allows Directory Traversal for reading the messages of other users, uploading files, and deleting files because "/../" and "/.. /" are mishandled.
CVE-2015-9278
PUBLISHED: 2019-01-16
MailEnable before 8.60 allows Privilege Escalation because admin accounts could be created as a consequence of %0A mishandling in AUTH.TAB after a password-change request.
CVE-2015-9279
PUBLISHED: 2019-01-16
MailEnable before 8.60 allows Stored XSS via malformed use of "<img/src" with no ">" character in the body of an e-mail message.
CVE-2015-9280
PUBLISHED: 2019-01-16
MailEnable before 8.60 allows XXE via an XML document in the request.aspx Options parameter.