A report into financial services and cyber crime for a US technology giant
Title: No Compromise for UK Financial Services
Summary: A report by VMware exploring why the UK financial services sector must develop a robust approach to security, limiting the impact of breaches and providing the best protection for customers.
The financial services sector is in the midst of a perfect storm, with shifting market trends disrupting the industry to its very core.
Rampant globalisation, hyper connectivity, heightened customer expectation, evolving work practices, regulatory pressures and an increasing reliance on diverse stakeholder ecosystems are all having significant impact on the companies operating in this sector. These issues are also leading to an exponential rise in the challenges surrounding the protection of data. These are challenges the sector must overcome.
In a recent study conducted by Ponemon, 31 percent of consumers impacted by a breach stated they had discontinued their relationship with the affected organisation, and 65 percent admitted they had lost trust in the business altogether. With new entrants disrupting the financial services market, with no legacy systems, they are able to provide robust, secure and agile platforms built for the market demands expectations and threats. Established players must maintain trust, whilst guarding against an increasingly complex cyberthreat landscape.
In 2017, Russia’s Sberbank and the National Bank of Ukraine both fell victim to the WannaCry and Petya ransomware attacks, while Tesco Bank suffered a high profile breach in which £2.5 million was taken from customer accounts in November 2016. And these are just the attacks that made headlines. A study from Accenture suggests a typical financial services organisation will face an average of 85 targeted breach attempts every year.
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