Cyber Attacks Pose Continued Threat for Financial Services Sector reports Platinum Data Recovery
Industries across the board must close backdoors in fear of compromise
The massive amount of money and energy put into making sure financial documents are safe is not always sufficient to handling the ever-evolving attack types. Cyber attacks do pose a growing threat to each industry across the board. The most at risk are the financial services sector, simply because there is so much to be gained from accessing it properly. The threat is not merely due to direct theft, but also the sensitive information that is often held in these documents.
Nonetheless, industry experts still stand by the essential improvements that come on a regular basis in order to make sure those important documents and funds remain safe.
Governments are now preparing to take steps alongside banks to improve the defenses of the possibly insufficient areas of each sector. There is now proposed legislation from the EU that may come into full force within the coming years.
A desires of DDoS (distributed denial of service) attacks against the U.S. Banks resulted in a widespread security warning from the U.S. Office of the Comptroller of the Currency (OCC). That same month, McAfee released a sobering report regarding impending attacks on U.S.
Financial institutions, noting them is as a “credible threat”. McAfee stated the attack originated from Europe (eastern), and the company states that future attacks will target investment banks, consumer banks, and credit unions. This claim comes from the Operational Risk & Regulation highlighted IT sabotage as one of its top 10 operational risks for 2013.
Attacks are not simply located in the financial services sector, however. In 2012, a survey by PwC noted that 93% of large corporations, along with over 75% of small businesses had been victim of some form of security breaching within the past year. The cost of the breaches were between £110,000–£250,000 for large businesses in the UK, and £15,000–£30,000 for smaller ones.
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