Financial services top cyber attack target

A broad range of cyber threats are facing the global finance industry, which represents a one-stop shop for attackers, providing essential funding for the underground economy, security reports reveals.

By targeting financial services institutions, criminals steal sensitive data that can be used to open fake accounts and lines of credit they need for survival.

The reports come in the same week as US financial services organisation Capital One revealed a breach affecting 106 million customers in North America, and just weeks after a freedom of information request revealed that the number of cyber incidents reported by UK financial service firms increased nearly 12-fold in 2018 from 2017, mainly due to third-party failures, highlighting several key areas that need improvement.

The threats facing organisations working directly and indirectly with the global finance sector go far beyond traditional theft, according the latest report by Finnish security firm F-Secure. Cyber threats facing banks, insurance companies, assets managers and similar organisations can range from common script-kiddies to organised criminals and state-sponsored actors.