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Banks Seeing More Security Incidents than Ever

Posted by Trevan Marden on Jul 25, 2018

financial_securityLydia Dwyer on our Product Management team tipped me off to a recent report released by IntSights that revealed that the financial industry is now the most-attacked industry by cybercriminals and that that the volume of security incidents continues to grow. 

The report shows a 135% jump in data from banks for sale on the black market. “For the first six months of 2018, we’ve seen an average of 98.9 incidents of data leakage per bank. That translates to 3.8 incidents per week per bank," IntSights wrote. It’s no surprise that banks are increasingly targeted, given the very lucrative information and financial assets involved. Attackers are getting more active and seemingly more successful as well.

Some other interesting findings in the report include the increases in both attempted incidents and successful credential leakage. The average number of attack indicators rose in the first half of 2018, by 151% over H1 2017 according to the report. Corporate credential leakage was up 40% over the previous year.  It’s more important than ever for financial industries to do all they can to protect their data.

Given trend of increasing cyber risk, it’s no wonder that smaller financial institutions, such as regional banks and credit unions, who don’t have unlimited budgets, are looking for new ways to better protect their networks within the constraints of limited resources and staff. For organizations like these, Cygilant’s SOCVue services can help by acting as an extension of your internal team to deliver 24x7 SOC as a service, helping you improve your security posture and increasing the return on your security investment.

See how Cygilant helps financial institutions in the quick video:

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Tags: Financial Services, SOC as a Service

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