UK finance sector severely vulnerable to cyberattacks

The UK’s finance sector is struggling to keep cybercriminals at bay, new research by Keeper Security has revealed. The 2021 Cybersecurity Census Report found the average finance company in the UK suffered an average of 60 cyberattacks over the last year, with most (81%) IT leaders in the sector expecting this number to further increase over the next 12 months. Yet less than half (42%) believe they are well-prepared against these attacks.

The strain on IT teams throughout the pandemic is taking its toll when it comes to cybersecurity best practice. The majority (79%) of IT decision makers at financial companies have done at least one thing to compromise their company's security over the past year. More than 2 in 5 (44%) have kept a cybersecurity attack affecting their business to themselves, with a similar figure re-using an existing password at work (39%) or using easily guessable login credentials such as ‘password’ (38%). The consequences of bad habits are showing, as nearly two-thirds (63%) of IT decision-makers admit the time taken to respond to a cyberattack has increased over the last 12 months, with a worrying 59 per cent admitting they are not addressing the gaps in their online security. 

Darren Guccione, CEO & co-founder, Keeper Security said, “the UK’s finance sector is a lucrative target for cybercriminals given the wealth of data it possesses. The frequency, intensity, and severity of attacks we’re seeing is cause for immediate action. Senior IT decision-makers within the industry have undoubtedly had it particularly hard since the pandemic started. But the finance sector needs to make cybersecurity a top priority. Otherwise, there is a real risk that even relatively unsophisticated cyberattacks will cause serious harm and cripple organisations. Ransomware-As-A-Service is fuelling an exponential increase in these attacks.”

One solution to minimise the pressures felt by IT leaders is external scrutiny. An overwhelming 89 per cent agreed that an independent, nationwide body would be an effective way to hold businesses accountable while reducing the level of cyberattacks aimed at the financial sector. What's more, almost all (94%) agree that businesses should be legally required to have basic cybersecurity protections in place before being allowed to operate or trade.

Darren added, “at least for now, the UK finance industry must do more to protect itself against cyberattacks. The reality is that there is no silver bullet in the fight against all cyberattacks. However, there is a lot that financial organisations can do to start addressing the issue quickly and efficiently. The simple act of protecting a company's passwords, for example, can go a long way in preventing most of these attacks from succeeding. But the key here is to move at pace, otherwise, organisations in the finance industry will continue to be an easy and lucrative target for cybercriminals."

More News
8 hours ago
Dynabook updates dynaEdge AR smart glasses solution
Dynabook Europe has announced an update to its dynaEdge AR (Assisted Reality) solution with the launch of the dynaEdge DE200, the next generation of its Windows 10/11 Pro mobile edge computing device.
4 days ago
Employers must take action to protect staff against Omicron variant
With the threat that the new Omicron COVID-19 variant is posing to the workplace, Mike Robinson, Chief Executive of British Safety Council, advises how employers can best manage the risks particularly in the run-up to Christmas.
4 days ago
Local Authority carbon neutral strategies flawed
Almost nine in ten councils have declared a climate emergency – but faced with multiple, often contradictory, pressures and targets, how many have any confidence in the next steps to take?
5 days ago
Hybrid working preferred by two-thirds of Brits
Two-thirds (66%) of those who currently work at home say they prefer this to a full-time in-person office work model and a quarter (25%) will look for a new job if forced back into the office. RingCentral is urging leaders to ensure their teams have the tools and resources they need to maintain a flexible, hybrid approach to work.
6 days ago
Avocor announces its new E Series
Avocor has launched its new E Series interactive displays. Available in four sizes, ranging from 55” to 86”, the E Series features optically bonded glass in a 4K IR interactive display format.
1 week ago
Ingenico launches PPaaS Payments Platform as a Service offer
Ingenico has announced the full commercial launch of PPaaS, its Payments Platform as a Service solution to its clients and partners. Built on a new cloud-based technology stack, PPaaS is a key component in the evolution of the Point of Sale (POS) into an ecosystem enabler.
1 week ago
Payroll provider Intelligo makes finals in ReWard Strategy Awards
Intelligo, the company behind the payroll solution MegaPay, has been shortlisted for the finals in seven categories of the prestigious ReWard Strategy Awards.
1 week ago
Sustainability should be driver behind retail digital transformation
With COP26 taking place earlier in the month, the actions needed to mitigate climate change are now becoming a serious priority among world leaders.
1 week ago
Atos and Metropolitan Police Service strengthen relationship with new contract
Atos has been awarded a contract by the Metropolitan Police Service to deliver Application Management Services to support the Service’s digital policing vision for up to seven years.
1 week ago
Over 1/3 of finance professionals felt vulnerable in last 12 months
A recent Chartered Body Alliance global survey has revealed some realities regarding the treatment of customers in vulnerable circumstances, including that 33 per cent of respondents working in financial services considered themselves to be vulnerable within the last 12 months.

Login / Sign up