Financial Crime World

UK Financial Sector Exposed to Cyber-Attacks: Study Reveals

A recent study has highlighted the vulnerabilities of the UK financial sector to cyber-threats, revealing that companies are struggling to keep up with the ever-evolving landscape of digital attacks.

Concerns about Data Breaches and Loss of Sensitive Customer Information

The survey gathered responses from IT employees and directors across various company sizes. The majority of respondents cited concerns about data breaches and loss of sensitive customer information. A director at a medium-sized organization admitted that he is worried about “all of our information being leaked,” while another executive at a large company stated that losing customer data would result in lost business for years to come.

Financial Sector: Prime Target for Cybercriminals

The financial sector, in particular, has become a prime target for cybercriminals due to its high degree of digitalization and the amount of sensitive customer data managed by companies. The study showed that respondents in the financial sector are well aware of this special role and recognize that comprehensive IT security requires a combination of technical solutions, threat intelligence services, and employee awareness.

Technical Solutions Key to Cybersecurity Strategy

  • 44% of companies are evaluating their current IT security solution or looking for a new one.
  • Most respondents rely on multi-layered technical solutions, including external IT security service providers, preventive tools, and expertise internally to detect and analyze cyber-threats.
  • Almost two-thirds of the financial organizations surveyed use dedicated security tools or services to protect cloud software and activities, while more than half work with network segmentation and operate their own Security Operations Centre (SOC).

Employee Training Lacking in Financial Sector

  • 70% of respondents agreed that increased regulation heightens the risk of non-compliance, making employees one of the weakest links in the security perimeter.
  • Only 24% of organizations reported regular training for all C- Suite members on security topics and procedures.
  • The lack of employee training increases the risk of incoming threats, particularly among non-IT departments such as executive assistants, marketing, analysts, traders, and accounting.

Threat Intelligence Services Crucial to Security Approach

  • Almost all financial organizations (99%) use threat intelligence services, which provide companies with valuable insights into the latest investigations, threat campaigns, and techniques used by Advanced Persistent Threats (APTs).
  • While most companies rely on these services, 43% of participants stated that their company uses APT reports to stay up-to-date with the latest information.

Conclusion

The findings suggest that the financial sector must prioritize employee training and invest in comprehensive IT security solutions, including threat intelligence services, to mitigate the risk of cyber-attacks and protect sensitive customer data. By combining people and technology in CyberSecurity strategies, companies can effectively combat the ever-evolving threat landscape and maintain a strong defense against cyber-threats.