Financial sector faces surge in cyber threats
New research shows institutions in the financial sector experience up to 300 times more cyberattacks than other sectors, with large banks reporting 45 percent of their employees susceptible to phishing attacks.
The study from KnowBe4 reveals almost all (97 percent) of major US banks experienced third-party breaches in 2024, while targeted intrusions against financial institutions increased by 109 percent year-on-year.
Financial sector faces increased cybersecurity threats
A new survey reveals that the financial industry has faced a surge in attacks, with 64 percent of respondents reporting cybersecurity incidents in the past 12 months.
The study from Contrast Security finds 71 percent of respondents reported zero-day attacks as the key concern to safeguarding applications and APIs, followed by dwell time (43 percent) and lack of visibility into the application layer (38 percent).
It's time to safeguard the financial sector: Navigate employee turnover to defend against escalating cyberattacks
It’s no secret that cybersecurity has a significant skills shortage. According to ISC2 research, the worldwide shortage is as high as 3.4 million cybersecurity workers. As a result, security professionals’ skills are in very high demand, making finding and retaining talent challenging. Swimlane’s own research shows that 82 percent of organizations report it takes three months or longer to fill a cybersecurity role, with 34 percent reporting it takes seven months or more.
The situation isn’t improving either. Some 70 percent of companies also report that it takes longer to fill a cybersecurity role now than it did two years ago. The challenge has led one-third (33 percent) of organizations to believe they will never have a fully-staffed security team with the proper skills, according to Swimlane’s survey