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Cyber Theft - One of the Biggest Threats to the Financial Industry

The financial services industry experiences higher cybercrime costs than organisations in retail, hospitality and consumer products.1

  • £226 billion annually is one estimate of the cost of cybercrime globally. Financial services is one of the industries most likely to be targeted.2
  • 27% of data breach incidents in financial services are web application attacks.
  • 63.2 days is the average time it takes a UK business to reslove a malicious insider cybercime.
  • Card skimming accounts for 22% of all incidents in financial services.3
  • Denial of service (DOS) attaks accounts for 26% of the incidens from finance organisations - thats a 115% increase just from 2011.3
  • A £150,000 fine was issued  to a consumer finance organisation for an incident that affected 1/2 million individuals  whose data was stored on two backup tapes lost by the company.4
  • The financial industry has one of the highest customer churn rates of all UK industries - 6.5%- after a data breach.5

Research shows that financial services is one of the industries most likely to be targeted by data thieves and cyber criminals.

Cybercrime is a growing threat across all sectors, but why do financial businesses have more cause for concern than others?  In this infographic you’ll learn the scale of the problem and the impact on the financial services sector, including:

  • The global cost of cyber theft
  • Common methods used to attack financial organisations
  • The real-life consequences of information security breaches and online theft
  • Data security stats financial services organisations can't afford to ignore
1. 2013 Cost of a Cyber Crime Study: UK - Ponemon Institute
2. 2014 Global Cost of Cybercrime Study - Mcafee Security
3. 2014 Data Breach Investigations Report: Financial services - Verizon
4. ICO Shows its Teeth - ICO News Release, July 5, 2012, ico.gov.uk
5. 2014 Cost of Data Breach Study: UK - Ponemon Institute

 

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