Data breaches have risen 480% in financial services firms
The number of data breaches reported by UK financial services firms to the Financial Conduct Authority (FCA) increased 480% in 2018, to 145 up from just 25 in 2017*, shows research from RPC, the City-headquartered law firm.
Data breaches are on the rise. And, the financial services sector is an especially lucrative target; along with the personal data bulging healthcare sector.
In the financial services sector, the retail banking sector saw the largest percentage increase in the number of data breach reports, rising to 25 in 2018 from only one in 2017.
This should raise concerns about the number of cyber criminals targeting bank accounts. Tesco Bank, for example, was fined £16.4m by the FCA in October 2018 as a result of a cyber attack that led to £2.26m being taken from personal current accounts**.
On the other side, RPC has revealed that wholesale financial markets firms–such as investment banks–reported the most data breaches to the FCA in 2018: 34 compared to just three in 2017.
An easy target?
According to the research, cybercriminals could be targeting investment banks in a belief that their security systems are less sophisticated than retail banks.
And the stakes are, potentially, a lot higher: confidential data held by investment banks on areas such as M&A can be used for insider trading. In the US, for example, the SEC is pursuing a number of insider dealing cases that relate to cyber breaches.
Other sectors within financial services that saw large increases in data breach reports include:
• Insurers — 33 in 2018, up from seven in 2017
• Consumer retail lending — 21 in 2018, up from four in 2017
• Retail investments — 11 in 2018, up from none in 2017 (see below for full breakdown)
In the research RPC explains that ‘while the data suggests that financial services businesses are suffering an increasing number of cyber attacks, these businesses are also perhaps getting better at identifying and reporting those attacks.’ (Which is a good thing!)
Reports of data breaches by financial services companies.
GDPR: a positive impact
June 2018, the first month after the introduction of the General Data Protection Regulation (GDPR), saw the highest monthly total of data breach reports, with 20 data breaches reported by financial services firms.
Richard Breavington, partner at RPC and head of their Cyber Insurance and Breach Response team, says: “Banks remain a top target for cybercriminals. The figures suggest that the banks are suffering data breaches on a frequent basis.”
“The increase in reports, however, does show that the financial services industry is now taking cyber security more seriously than ever. The financial and reputational fallout from a data breach can be serious for a business of any size. They must be ready to defend against — and respond to — breaches as efficiently as possible.”
Those reporting data breaches in financial services is on the rise.
Industry: Cyber Security News
- IAM Consultant- OKTA
- upto €90,000 plus benefits
I am looking for an experienced IAM process Manager to help drive forward a series of IAM implementation for a global Manufacturing business, Ideally you will be skilled with Okta and have knowledge of PAM Solutions, You will be responsible for: Driving the design and continuous improvement of complex IAM solutions in close collaboration with business partners Consult on the optimisation of IAM processes and design proper IT-based solutions to meet availability and quality targets Define technical specifications for SW-development (standards, design patterns, test cases, scenarios) and manage the life cycle of designed solutions Actively scan for relevant innovations and new technologies to identify further potential for improving IAM solutions and processes using OKTA Analyse new features of the regular Okta releases We are looking for someone with strong IAM experience as an Architect, Analyst, Technical Engineer, or similar role in the Identity and Security domain Experience with relevant certifications in development/administration, design and configuration of the Okta IAM platforms Familiar with LCM - joiners, movers, leavers, application federation - SAML, OIDC, SCIM and many other IAM terms Good mix of competences in IAM business process and project management concepts and tools e.g., ServiceNow, Jira, PRINCE2, SCRUM (agile)
- SAP Security Consultant
- upto €70,000 plus benefits
I am looking for an experienced SAP Security Consultant. The ideal candidate will have a strong understanding of SAP security concepts and be able to apply them to real-world scenarios. ideally you will also have experience with Securitybridge or Onapsis, or a similar SAP security tool. Your responsibilities will include: Reviewing and auditing SAP security settings and controls Identifying and remediating security vulnerabilities Implementing security best practices Educating users on SAP security Experience experience in SAP security Experience with Securitybridge or Onapsis, or a similar SAP security tool would be very advantageous Strong understanding of SAP security concepts Excellent problem-solving and analytical skills Excellent communication and presentation skills Fluent in French & English
- Post Grad MSc Cyber security - Junior Cyber Risk Analyst wanted. UK
- United Kingdom
- Entry role
The perfect start to your new Cyber Security Career. Post Graduate Cyber Risk Analyst Wanted. Are you are fresh from earning your Cyber Security MSc and eager to start your career in Cyber Security? We are looking for a recent post graduate to join a forward thinking Cyber Security Consultancy for the ideal entry role into Cyber Security. Whilst employed industry experience is not expected, as full training and support will be provided, a history of recent education in Cyber Security / Cyber Risk is essential. We are looking for someone with an inquisitive mind, who is confident to ask the right questions and who isn't afraid to challenge the status quo. Superb communication skills are a must (in person, written and verbal) This is a UK based role that is remote first with monthly travel (1-2 a month) to meet with the team and in time to meet clients. If you aren’t available to travel this isn’t the opportunity. We are unable to provide VISA sponsorship as there will be a requirement to achieve Security clearance If you're adaptable, open to fresh perspectives, and excited to be part of a forward-thinking team and looking for an opportunity to help make a difference in a Cyber consulting role, this opportunity is for you. For more information apply here……
- Microsoft Exchange Contractor | London | OUTSIDE IR35 | SC Cleared
- OUTSIDE IR35
Microsoft Exchange Contractor | London | OUTSIDE IR35 | SC Cleared • We require someone that has experience of migration exchange from windows server 2012 to 2019. • In depth understand of On-Prem exchange server management and deployment. • Experience migrating On-Prem exchange servers from 2012 upwards. • Secure Email Gateway experience essential Due to the nature of the requirement the individual must be commutable to London 2-3 days a week.