Financial services companies in the UK reported over 819 cyber incidents to the Financial Conduct Authority in 2018, a stark increase compared to just 69 reported the previous year.
Among those hit, the hardest was retail banks (486), representing almost 60% of the total reported attacks. Followed by wholesale financial markets who reported 115 incidents and retail investment firms who reported 53 incidents.
The data shows of the 93 reported cyber attacks in 2018 to the FCA, over half of when were identified as phishing attacks and 20% were identified as ransomware attacks.
The root cause of the majority of attacks was due to third-party failures (21%), hardware and software issues (19%), and change management (18%).
NNT provides a powerful change management tool to help your organization identify exactly what changed, where, when, and by who, with the ability to reconcile changes against planned change details so you know why the change was made.
Learn more about Closed-Loop Intelligent Change Control.