Security : Cyber Attacks : Survey :
Cyberattacks Target 93% of Financial Services Firms
September 16, 2014 03:00 PM
Cyberattacks targeting financial services firms are on the rise, but are these organizations doing enough to protect business and customer data? According to a Kaspersky Lab and B2B International survey of worldwide IT professionals, 93% of financial services organizations experienced various cyberthreats in the past 12 months. And while cyberattacks targeting financial services firms are on the rise, nearly one out of three still don’t provide protection of users’ endpoints or implement specialized protection inside their own infrastructure.
According to the survey, this lack of action to protect themselves from an attack is causing many businesses to lose faith in financial firms tasked with keeping their information safe. In fact, only 53% of businesses felt that financial organizations did enough to protect their information. The Kaspersky Lab and B2B International survey also found that 82% of businesses would consider leaving a financial institution that suffered a data breach and that 74% of companies choose a financial organization according to their security reputation. This sentiment was echoed in a separate Kaspersky Lab Consumer Security Risks survey that found that 60% of consumers prefer companies that offer additional security measures to protect financial data.
The clear divide between what a business expects from a financial institution versus common perceptions toward the damage caused from a data breach is magnified further when you take into account that only 28% of financial services organizations think that the risk of damages from cybercrime is outweighed by the cost of prevention. This mindset is particularly flawed given that 52% of financial institutions have a policy of reimbursing all losses caused by cybercrime without investigation and that the true cost of financial data loss is between $66,000 - $938,000 depending on the size of the organization.
However, the Kaspersky Lab survey uncovered a glimmer of hope for financial services organizations’ eventual turn toward implementing adequate security. 47% of financial companies think that loss of credibility/damage to reputation as a result of a data breach is the worst consequence to the company.
Providing protection against today’s rise in financial cyberthreats, Kaspersky Fraud Prevention delivers multi-layered security for online and mobile banking. Kaspersky Fraud Prevention is an integrated platform consisting of solutions that protect banking customer endpoints, mobile banking applications, and access to online banking and payments applications. The platform is built to proactively avoid fraud at the earliest point by preventing malware infection, removing existing infections, thwarting phishing attacks and preventing account takeover. It is powered by the world’s most advanced global threat intelligence network, keeping banks ahead of the evolving financial cyberthreats landscape. Kaspersky Fraud Prevention also includes additional services to keep companies informed about financial cyber threats and the measures that can be used to combat them, as well as providing assistance when investigating financial incidents
"While it is encouraging that financial services organizations recognize the damage to their reputation that can result from a cyberattack, it is concerning that many firms have not taken the necessary steps to implement proper security," said Ross Hogan, Global Head of Fraud Prevention Division of Kaspersky Lab. "We are seeing more and more cyberattacks targeting financial organizations and while many will take action to reimburse the financial losses as a result of cybercrime, the damage done to a financial organization’s reputation isn’t as easy to repair. Based on these survey results, we expect to see more financial services organizations take the necessary steps to not only protect customer data and financial information, but to take the steps needed to ensure their important reputation remains intact."
About Kaspersky Lab
Kaspersky Lab is the world’s largest privately held vendor of endpoint protection solutions. The company is ranked among the world’s top four vendors of security solutions for endpoint users*. Throughout its more than 17-year history Kaspersky Lab has remained an innovator in IT security and provides effective digital security solutions for large enterprises, SMBs and consumers. Kaspersky Lab, with its holding company registered in the United Kingdom, currently operates in almost 200 countries and territories across the globe, providing protection for over 300 million users worldwide.