Financial Services, Cybercriminals Favorite Target

January 21, 2020

On a daily basis we are reading about a new cyber attack against a financial services organization – and this is no surprise as financial services is the number one industry for cybercriminals to target for the second year in a row. From The National Bank of Blacksburg which experienced two phishing attacks in eight months that resulted in $2.4M being stolen to Simplii Financial which had data compromised for approximately 40,000 of their clients, the financial services industry is under constant attack. 

Symantec 2018 Internet Security Threat Report

According to Symantec’s 2018 Internet Security Threat Report, 1 in 54 financial services employees received a phishing attempt. And large organization’s aren’t the only ones being targeted. Organizations with 501 – 1,000 and 1,501 – 2,500 employees received the most phishing attempts per employee. An average of 1 out of 41.5 were targeted. On top of this, 1 out of every 3,013 emails included a phishing attempt. When it comes to malicious emails, financial services employees received an average nine malware attacks per year. This is the 10th highest targeted industry with regards to malware attacks.

All industries, especially financial services, should take these statistics very seriously. Not only to protect their business and employees but also their customer’s information. According to Ponemon’s 2018 Cost of a Data Breach Study: Global Overview, it takes an average of 163 days to identify a breach and 54 days to contain a breach. While these numbers are on the lower side across all industries, there is a huge financial impact. The average cost per capita within financial services is $206, which is the second highest amount behind healthcare.

Ponemon 2018 Cost of a Data Breach Study: Global Overview

The loss of money or data is just the beginning. Successful attacks can have a tremendous impact on the organization’s reputation, can result in fines, loss of customers, and much more.

So why are financial service organizations so heavily targeted? Because these organizations typically have deep pockets and hold sensitive information about their clients – which is extremely valuable to cybercriminals.

Financial service organizations are under immense attack and it’s important that they protect their organization and their client’s data. As we’ve discussed in the past, traditional security solutions and training can help but don’t provide complete protection against advanced attacks. Cybercriminals continue to find ways to bypass existing solutions and trick employees into clicking or responding to malicious emails. In a recent Gartner report, Fighting Phishing – 2020 Foresight , the authors talk specifically about these being key challenges facing organizations today.

Graphus® addresses each challenge in the Gartner report and is strongly aligned with their recommendations. It is the industry’s first automated phishing defense platform that gives organizations an advantage over cybercriminals. It provides immediate protection and peace of mind for Office 365 and G Suite users by automatically eliminating social engineering threats – spear phishing, phishing, ransomware, business email scams, and malicious emails. Employees no longer have to rely only on their training to identify threats – Graphus® provides an active warning banner, EmployeeShield™, to notify employees of threats and can even identify zero-day attacks. Our patented technology, the TrustGraph®, provides the best detection that tailors itself to your organization’s unique attack surface.