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Why Financial Firms are Being Targeted by Hackers

It’s not surprising that financial firms are being targeted by hackers.  Cyberattacks on financial firms are up! According to the reports that come out of Threat Connect, a leading threat intelligence firm, companies in the financial industry are typically the most or second most hit vertical every week the report is put out.  Large investment firms typically have higher security budgets than similarly sized companies outside of their industry. However, smaller, independent companies are not nearly as well protected.

Here are some statistics:

  • According to a 2019 report, 25% of all malware attacks are aimed at banks and other financial services organizations which is more than any other industry
  • The average cost of a malware attack on a company is $2.4 million, for financial services that number is $18.3 million (according to Accenture).
  • 41% of companies have over 1,000 sensitive files including credit card numbers and personal information belonging to clients that are left unprotected
  • 69% of organizations don’t believe the anti-virus they use can block viruses
  • 61% of breach victims in 2017 were businesses with under 1,000 employees. So this shows us that smaller companies are the biggest target
Pretty alarming right? Well, let’s talk about the why’s first.
Why is the financial sector being targeted at an all-time high?
  • Firms think that they do not need certain features of cybersecurity processes and missing parts
  • Smaller investment Firms may have more modest budgets for cybersecurity
  • Firms may focus on other areas of business other than cybersecurity
  • Cybercriminals are getting more sneaky and wise on how and who to attack
With all of the vendors out there it is difficult for a smaller investment firm with limited resources to figure out where they can get the best return on their security investment.  Where are the pragmatic areas that companies should invest in to ensure that their and their clients’ data are protected?
The investment world has access to very sensitive information, and these are desired by our would-be attackers.  The fines are great and the risk to the business’s viability is greater.
If you are a financial firm and not sure how your cybersecurity is doing, Triada can help! We offer a free security report card (no obligation) to you to let you know just how things are looking and what areas you need to pay attention too more closely. If interested, give us a call at 201-297-7778 or head over to the contact us page of our website here.
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