- Nearly half (43%) of security incidents within the financial sector are caused by employee failure to follow company data protection policies.
- Other key causes of security incidents include introduction of malware and viruses via 3rd party devices (32%), file and image downloads (25%) and employees sharing data with unintended recipients (24%).
- Financial organizations rank data loss prevention technology as number 1 area of investment, ahead of database security and regulatory compliance.
Theale, UK, 15 August, 2019 – New research by data security company, Clearswift, reveals that 70% of financial companies have experienced a cyber security incident in the past year, highlighting the serious threat that both data breaches and malicious attacks pose to the UK’s financial sector.
The research, which surveyed senior business decision makers within enterprise financial organisations in the UK, found that almost half of the incidents reported over the past 12 months originated from employees failing to follow security protocol or data protection policies. This threat was biggest in mid-sized financial companies (3,000-4,999 employees) with 52% of respondents citing employee failure to follow corporate data protection policies as their biggest issue.
In addition to this, it was found that further causes of cyber security incidents within the financial sector included the introduction of malware and viruses via 3rd party devices, including USBs and BYOD (32%), file and image downloads (25%) and employees sharing data with unintended recipients (24%).
“The financial sector is the lynchpin of the UK’s economy and a vital part of our nation’s Critical National Infrastructure, so it is alarming to see such high numbers of security incidents within financial organizations,” said Dr. Guy Bunker, CTO, Clearswift. “Unfortunately, in this day and age it’s a case of ‘when’ not ‘if’ a firm is breached so the financial sector needs to shift gears and speed up the innovation and deployment of effective data protection and threat mitigation strategies.”
The numbers associated with security incidents are in stark contrast with further findings from the survey which revealed less than a quarter (23%) of respondents had an adequate level of budget allocated to cyber security within the firm. Unsurprisingly, 73% of respondents would like to see some, if not significant, increase in their organisation’s cyber security spending.
Bunker added: “Whether it’s an inadvertent mistake, a malicious insider, or an external threat actor that causes a security incident, the ramifications of data loss are extremely serious for any organization. For those organizations who hold citizen data and their financial information, there is a need for extra vigilance to protect that data no matter where it is stored, how it’s processed or what digital collaboration channels it flows through. Understanding the latest threats and the potential consequences from next generation attacks will help drive the business case for investment in new technology to mitigate the risks.
“Cyber security needs to rapidly evolve and the budgeting process should take this into account – the threat which can bring down a company may not have existed three months ago. Financial organizations need to be able to respond immediately in order to protect their reputation.
“While many areas of securing a company’s data can be improved by educating employees and developing clear policies and processes, technology plays a key role in mitigating today’s biggest threats through automating and enforcing security protocols - which requires investment. With the competition only a mouse click away for those with poor security, great information security is a positive business differentiator and driver of growth.”
Notes to editors:
This research was conducted by technology research firm, Vanson Bourne, on behalf of Clearswift. 100 senior business decision makers from financial organizations in the UK were polled to map the attitudes of businesses and employees relating to cyber security.
Over 70% of Clearswift clients operate within critical national infrastructure, including defence organizations, government agencies and financial institutions, all of which demand the most advanced cyber threat prevention and information security solutions. Working closely with these clients over two decades has enabled Clearswift to gain a clear understanding of the cyber challenges they face, keep abreast of their evolving threatscape, and support compliance with the complex regulatory environment within which they operate.
The united approach to working with clients has ultimately driven the specialized development of the award winning Clearswift product portfolio, which is backed up with a superior 24/7 customer support service and an extensive channel partner network across the globe.
As a global organization, Clearswift is headquartered in the United Kingdom, with offices in the United States, Germany, Australia and Japan.