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Financial firms facing greater cyber threat

March 05, 2019 / Michael Moore

Banks and other financial businesses are facing a greater cybersecurity threat than ever before, new findings have said. Research from security firm Carbon Black found that over two-thirds (67 per cent) of finance firms have reported an increase in cyberattacks over the past 12 months as hackers goes after rich rewards. The study, which surveyed CISOs at many of the world’s largest financial institutions, also saw 79 per cent of respondents report that cybercriminals had become more sophisticated, forcing them to up their security game. Overall, 26 per cent of businesses said they had been targeted by destructive attacks, a 160 per cent increase over the previous year's findings.  32 percent said they had encountered island hopping through supply chain vendors and partners, and 21 per cent had been hit by a watering hole attack, where sites are hijacked, and visitors are misled to malicious pages. “Financial institutions are grappling with some of the most sophisti...