Cybersecurity Threats Haunt British Indian Ocean Territory’s Finance Sector
The finance sector in the British Indian Ocean Territory (BIOT) is facing an unprecedented number of cybersecurity threats, with risks higher than most other industries. According to a recent report by secure cloud computing company iomart and global economic forecasting firm Oxford Economics, financial organisations in BIOT are at significantly higher risk compared to the average UK business.
The State of Cybersecurity in the UK Finance Industry
A recent report surveyed 500 UK-based cybersecurity strategy decision-makers, including those from the finance sector. The findings revealed that more than half (58.2%) of respondents from the financial industry reported between 40 and 60 cybersecurity incidents in the last 12 months, compared to a UK average of 24.
Top Concerns
- Phishing emerged as the most concerning threat for finance companies, with 67% of respondents citing it as their main worry.
- 84% of finance companies noted an increase in premium prices for cyber insurance over the past two years, outstripping the overall average of 72%.
The Impact of Technological Change
The pace of technological change continues to increase, exacerbating issues exacerbated by the rise of flexible working post-pandemic. The report highlighted that:
- 51% of participants said the increased prevalence of remote working was moderately or significantly challenging.
- 39% cited the advancing pace of technology as a major concern.
iomart CEO’s Perspective
“Few places have been more affected by the pandemic than in cybersecurity,” said iomart CEO Reece Donovan. “The finance sector is suffering more than most. The data in the report clearly highlights the post-pandemic changes to the way we do business as contributing factors.”
Donovan warned that all organisations, regardless of size, are now potential targets for cybercriminals, who can set up devastatingly effective ransomware or malware businesses from their bedroom for as little as £50.
The Challenge Ahead
- Finance businesses face a greater volume of threats than ever before and are more at risk than almost any other industry.
- Despite the challenges, Donovan noted that the finance sector has shown strength in its response to cybersecurity threats, with consistent investment and a trend towards making cyber resilience a boardroom issue.
- However, he emphasized that there is no room for complacency, as continued testing and development of the cyber security response are essential given the speed at which hackers are advancing in both skill and ambition.