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Financial firms facing greater cyber threat

(Image credit: Image Credit: Elena11 / Shutterstock)

Banks and other financial businesses are facing a greater cybersecurity threat than ever before, new findings have said.

Research from security firm Carbon Black found that over two-thirds (67 per cent) of finance firms have reported an increase in cyberattacks over the past 12 months as hackers goes after rich rewards.

The study, which surveyed CISOs at many of the world’s largest financial institutions, also saw 79 per cent of respondents report that cybercriminals had become more sophisticated, forcing them to up their security game.

Overall, 26 per cent of businesses said they had been targeted by destructive attacks, a 160 per cent increase over the previous year's findings. 

32 percent said they had encountered island hopping through supply chain vendors and partners, and 21 per cent had been hit by a watering hole attack, where sites are hijacked, and visitors are misled to malicious pages.

“Financial institutions are grappling with some of the most sophisticated cyber crime syndicates,” said Tom Kellermann, the report’s author and Chief Cybersecurity Officer at Carbon Black. 

“Perhaps the most concerning indication from this report is the stark increase in destructive attacks, which are rarely conducted for financial gain. Rather, these attacks are launched to be punitive by destroying data. Cybercriminals have formed sophisticated approaches to gain access to confidential banking and financial information and organisations need to be aware of the impending threats.”

Mike Moore is Deputy Editor at TechRadar Pro, and has worked as a B2B and B2C tech journalist for nearly a decade, including at one of the UK's leading national newspapers and ITProPortal.