A recent study conducted by the Ponemon Institute for IBM found that human error is a leading cause of data breaches within the financial sector.
In 2015, over 20 million records were breached from the financial industry. The study found that malicious attachments & links, ShellShock, and Denial of Service (DoD) attacks were the top three cyber threats wreaking havoc on the banking industry.
The report states that nearly 18% of cyber-attacks resulted from employees clicking on harmful links or falling victim to one of the sophisticated social engineering tactics used and opening a malicious email attachment. The report also states that 18% of incidents centered on hackers using ShellShock. DoD attacks were found to be the third most prevalent type of attacks.
While human error poses a massive issue to the financial industry, malicious or criminals attacks are found to be the top root cause of data breaches. In fact, these incidents encompass 47% of all attacks, with system glitches causing 29% and human errors causing 25 percent of breaches.
The most shocking fact of all: the average cost per lost records is $170, with the average data breach costing a bank around $3.79 million.
As the financial industry becomes the ideal target for cyber criminals, it’s time for businesses around the world to take the necessary steps to protect their assets against these kinds of threats using a layered approach to IT Security.
If organizations want to maintain security and minimize the likelihood of a financial fallout from these cyber-attacks, they need to realize the likelihood of stopping all breaches is unlikely, but a preventative approach can be the best way to stop them. NNT Change Tracker Gen7 provides organizations with Non-stop, continuous visibility of what’s going on in your IT environment, allowing an organization to at least spot unusual change that represents a breach in real time and take action before any damage is done.
The financial industry needs to take the steps necessary to protect their assets against these kinds of threats using a layered approach to IT security. Truly layered security requires a mixture of preventative security – vulnerability management with breach detection- real-time file integrity monitoring. Integration is also key in enhancing the ease of use and cost of operation. For example, automatically leveraging threat intelligence to expose breach activity when it happens.
With NNT’s Change Tracker Gen7, your organization will come equipped with automated real-time FIM technology coupled with active threat intelligence feeds that can deliver security confidence to even large, complex IT operations. To learn more here’s a link to some pre-recorded educational video sessions located on our website: http://www.newnettechnologies.com/change-tracker-7-demo.html