Cyber attacks continue to rise in financial services

According to the latest findings from RPC, the number of cyber security breaches for UK financial services firms has tripled since 2022.

Related topics:  Cyber Attacks,  insurance
Tabitha Lambie | Editor, Protection Reporter
25th September 2023
Cyber Risks
"It’s a cause for concern that so many financial services firms, especially pension schemes, have suffered some form of cyber-attack, resulting in a data breach."
- Richard Breavington, partner and head of cyber and tech insurance at RPC

The international law firm highlighted that the number of breaches reported to the Information Commissioner Office (ICO) has increased from 187 to 640, with reports within the pensions sector increasing significantly from 6 to 246.

Likewise, the Absolute’s Resilience Index 2023, the financial service’s Windows 10 patch age was a total of 118 days, higher than the professional services sector. Richard Breavington, Head of Cyber & Tech Insurance at RPC, believes this is a “cause for concern that so many financial services firms, especially pension schemes, have suffered some form of cyber attack, resulting in a data breach."

Commenting on these findings, Achi Lewis, Area VP EMEA for Absolute Software, has said:

“For many sectors now, it is no longer a question of "if", but "when" an attack will occur. The financial sector is a crucial element within our global economy, handling vast amounts of sensitive data and financial transactions daily, making it a prime target for bad actors. As such, cyber resiliency has never been more pressing. This means not only having robust preventive measures in place but also a proactive response mechanism that can swiftly adapt and recover in the face of an attack.

“Self-healing technology can empower financial institutions to automatically detect and repair damaged applications and devices, effectively preventing re-infection and reducing downtime.”

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