Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

8/15/2019
05:50 PM
Dark Reading Staff
Dark Reading Staff
Products and Releases
50%
50%

70% of Financial Companies Suffered a Cybersecurity Incident in the Past 12 Months

Nearly half originated from employees failing to follow security protocol or data protection policies, according to Clearswift.

Theale, UK, 15 August, 2019 – New research by data security company Clearswift reveals that 70% of financial companies have experienced a cyber security incident in the past year, highlighting the serious threat that both data breaches and malicious attacks pose to the UK’s financial sector.

The research, which surveyed senior business decision makers within enterprise financial organisations in the UK, found that almost half of the incidents reported over the past 12 months originated from employees failing to follow security protocol or data protection policies. This threat was biggest in mid-sized financial companies (3,000-4,999 employees) with 52% of respondents citing employee failure to follow corporate data protection policies as their biggest issue.

In addition to this, it was found that further causes of cyber security incidents within the financial sector included the introduction of malware and viruses via 3rd party devices, including USBs and BYOD (32%), file and image downloads (25%) and employees sharing data with unintended recipients (24%).

“The financial sector is the lynchpin of the UK’s economy and a vital part of our nation’s Critical National Infrastructure, so it is alarming to see such high numbers of security incidents within financial organisations,” said Dr. Guy Bunker, CTO, Clearswift. “Unfortunately, in this day and age it’s a case of ‘when’ not ‘if’ a firm is breached so the financial sector needs to shift gears and speed up the innovation and deployment of effective data protection and threat mitigation strategies.”

The numbers associated with security incidents are in stark contrast with further findings from the survey which revealed less than a quarter (23%) of respondents had an adequate level of budget allocated to cyber security within the firm. Unsurprisingly, 73% of respondents would like to see some, if not significant, increase in their organisation’s cyber security spending.

Bunker added: “Whether it’s an inadvertent mistake, a malicious insider, or an external threat actor that causes a security incident, the ramifications of data loss are extremely serious for any organisation. For those organisations who hold citizen data and their financial information, there is a need for extra vigilance to protect that data no matter where it is stored, how it’s processed or what digital collaboration channels it flows through. Understanding the latest threats and the potential consequences from next generation attacks will help drive the business case for investment in new technology to mitigate the risks.

“Cyber security needs to rapidly evolve and the budgeting process should take this into account – the threat which can bring down a company may not have existed three months ago. Financial organisations need to be able to respond immediately in order to protect their reputation. While many areas of securing a company’s data can be improved by educating employees and developing clear policies and processes, technology plays a key role in mitigating today’s biggest threats through automating and enforcing security protocols - which requires investment. With the competition only a mouse click away for those with poor security, great information security is a positive business differentiator and driver of growth.”

Notes to editors:

This research was conducted by technology research firm, Vanson Bourne, on behalf of Clearswift. 100 senior business decision makers from financial organisations in the UK were polled to map the attitudes of businesses and employees relating to cyber security.

For further information or to arrange a briefing please contact:

Niall Moran (on behalf of Clearswift)
[email protected]
0203 141 2989

About Clearswift

Over 70% of Clearswift clients operate within critical national infrastructure, including defence organisations, government agencies and financial institutions, all of which demand the most advanced cyber threat prevention and information security solutions. Working closely with these clients over two decades has enabled Clearswift to gain a clear understanding of the cyber challenges they face, keep abreast of their evolving threatscape, and support compliance with the complex regulatory environment within which they operate.

The united approach to working with clients has ultimately driven the specialised development of the award winning Clearswift product portfolio, which is backed up with a superior 24/7 customer support service and an extensive channel partner network across the globe.

As a global organisation, Clearswift is headquartered in the United Kingdom, with offices in the United States, Germany, Australia and Japan.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio
 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
When It Comes To Security Tools, More Isn't More
Lamont Orange, Chief Information Security Officer at Netskope,  1/11/2021
US Capitol Attack a Wake-up Call for the Integration of Physical & IT Security
Seth Rosenblatt, Contributing Writer,  1/11/2021
IoT Vendor Ubiquiti Suffers Data Breach
Dark Reading Staff 1/11/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
2020: The Year in Security
Download this Tech Digest for a look at the biggest security stories that - so far - have shaped a very strange and stressful year.
Flash Poll
Assessing Cybersecurity Risk in Today's Enterprises
Assessing Cybersecurity Risk in Today's Enterprises
COVID-19 has created a new IT paradigm in the enterprise -- and a new level of cybersecurity risk. This report offers a look at how enterprises are assessing and managing cyber-risk under the new normal.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-25533
PUBLISHED: 2021-01-15
An issue was discovered in Malwarebytes before 4.0 on macOS. A malicious application was able to perform a privileged action within the Malwarebytes launch daemon. The privileged service improperly validated XPC connections by relying on the PID instead of the audit token. An attacker can construct ...
CVE-2021-3162
PUBLISHED: 2021-01-15
Docker Desktop Community before 2.5.0.0 on macOS mishandles certificate checking, leading to local privilege escalation.
CVE-2021-21242
PUBLISHED: 2021-01-15
OneDev is an all-in-one devops platform. In OneDev before version 4.0.3, there is a critical vulnerability which can lead to pre-auth remote code execution. AttachmentUploadServlet deserializes untrusted data from the `Attachment-Support` header. This Servlet does not enforce any authentication or a...
CVE-2021-21245
PUBLISHED: 2021-01-15
OneDev is an all-in-one devops platform. In OneDev before version 4.0.3, AttachmentUploadServlet also saves user controlled data (`request.getInputStream()`) to a user specified location (`request.getHeader("File-Name")`). This issue may lead to arbitrary file upload which can be used to u...
CVE-2021-21246
PUBLISHED: 2021-01-15
OneDev is an all-in-one devops platform. In OneDev before version 4.0.3, the REST UserResource endpoint performs a security check to make sure that only administrators can list user details. However for the `/users/` endpoint there are no security checks enforced so it is possible to retrieve ar...