71% of the cyberattacks are financially motivated
The Sector deals with enormous amount of sensitive data (PII data, Financial and other Critical Data Elements), which attracts the Threat Actors to cause disruption resulting into Data Breaches, Business Risks and Business Loss. In the end going through a critical process of compliance and audits.
StatisticsCyber Security Landscape in BFSI
As recognised by the IMF, it is the financial sector that is “one of the most targeted” – research published in April 2019 by cyber threat intelligence company, Intsights reported that more than 25% of all malware attacks hit banks and other financial services organisations, more than any other industry. This is echoed by global CEO sentiment, with cyber threats a top five concern for CEOs surveyed in PwC’s Global CEO Survey 2018 and the top concern for CEOs in North America and the Middle East. Similarly, in Allen & Overy’s 2018 survey ‘Directors’ Liability – D&O: Personal Exposure to Global Risk‘, it found that 44% of respondents confirmed they had experienced either a significant cyber-attack or a sizeable data loss in 2018.
Cyber Attack in a Financial Organisation
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