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Data breaches among financial services on the rise

(Image credit: Image Credit: BeeBright / Shutterstock)

Virtually every second global financial services organisation was victim of a data breach sometime in the past, according to a newly released Thales report.

The 2017 Thales Data Threat Report, Financial Edition (opens in new tab), says 49 per cent of financial services organisations suffered a breach, with a fifth (21 per cent) being breached more than once. Nine in ten (90 per cent) feel more vulnerable to such incidents.

As a result, more than three quarters (78 per cent) are spending more to protect themselves.

Almost all (92 per cent) will deploy advanced tech, such as IoT, big data or cloud services, with 73 per cent doing so before actually preparing appropriate security solutions.

Six in ten (60 per cent) view privileged users as the biggest threat, followed by executives (48 per cent) and contractors (38 per cent).

Among external factors, cyber criminals are considered the biggest threat (40 per cent), followed by nation-states (18 per cent), hacktivists (16 per cent) and competitors (13 per cent).

“While the financial sector has made substantial technological advances, it’s still tied to security solutions that worked in the past but aren’t necessarily the most effective at stopping modern attacks,” said Garrett Bekker, principal analyst for information security at 451 Research.

“There are a number of data security technologies – such as encryption and key management solutions – that could arguably do a better job of protecting data, particularly data being used in cloud, big data and IoT environments.”

The report also says that more than half will boost investments in network security and endpoint solutions, as well as data-in-motion and data-at-rest defences.

Image Credit: BeeBright / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.