Those of you that are frequent readers of our blogs will know that we often talk about what a prime target financial services are for cyber crime. According to Forbes, cyberattacks cost financial institutions more to address than in any other industries.
In this blog we are going to look at why financial services need micro-segmentation.
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Financial Services Still A Prime Target
Despite spending many millions of pounds on security, financial services organizations continue to be one of the top targets for cybercriminals, with cyber-incident reports from the UK finance sector increasing by 1,000% in 2018. The access to the vast amounts of money that the financial industry trades and controls, along with the sensitive personal information they store, continues to make them a prime target.
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Financial services organizations are where the money is, and as such will always be prime targets for cybercrime. For many financial institutions, this bot traffic can account for more than half of their overall website traffic — covering both good bots engaged in essential business tasks to bad bots performing malicious activities.
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Living In the Clouds
You really can’t talk about IT these days without mentioning cloud or something-as-a-service. For some it is hard to remember a time when we did not have the cloud, at least in some basic form. But I do remember the beginnings, and for me the whole cloud journey has come full circle.
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How can banks protect themselves from DDoS attacks?
Distributed Denial of Service (DDoS) attacks in all sectors are becoming increasingly frequent; a 2018 study by Link11 found there were on average 102 attacks per day between April and June of this year. For banks, in particular, this is a worrying statistic due to the sensitive nature and sheer volume of private customer credentials they hold in their systems.
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In a 2018 report by McAfee and the Centre for Strategic & International Studies (CSIS), it was found that cyber-crime has a global impact of $600 billion every year on businesses, through everything from losses due to system closures to reputation damage. This has affected many companies, with an attack now being a very real possibility for a lot of organizations.
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