Almost half of financial services firms have suffered a hack attack since the pandemic started

Hack attacks are on the rise with 45% of financial services firms having experienced an attack ever since the Covid-19 crisis began, according to new research.

Having surveyed 250 CISOs and CIOs in global financial services firms, data security provider HelpSystems’ new research revealed that 46% of were worried about cybersecurity weaknesses in their supply chain and 36% said they were concerned about growing vulnerabilities of working from home due to Covid-19.

Moreover, 46% had re-evaluated their cybersecurity training and policies to better reflect the increased home working.

The research also demonstrated that 65% of large financial services firms had experienced a cyber-attack in the last 12 month.

“FS is such an important sector, the backbone of the global economy, so keeping it secure and operational is a major priority,” said Kate Bolseth, CEO of HelpSystems. “Cyber-attacks are growing in volume and severity, so FS firms need to not only protect the organisation against day-to-day threats, but also make the transition to digital, meet regulatory demands, and secure a remote workforce in the light of Covid-19. It’s really tough and there’s no silver bullet, just constant evolution in the face of the changing threatscape.”

The research also found that 92% had increased their cybersecurity investment over the previous 12 months, with 26% significantly so.

“It’s a highly challenging cybersecurity landscape for the financial services sector, with many CISOs focused on battling day-to-day threats alongside trying to achieve broader strategic objectives,” said Bolseth. “Technology is a key part of cybersecurity of course, and no organisation will ever be secure without the right security solutions to protect the organisation here and now. But of equal importance, especially for longer-term strategic goals, is ensuring the right processes are in place and educating and training employees.”

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