KnowBe4's new report finds that UK financial
institutions face onslaught of cyberattacks at unprecedented
rate
LEEDS, England, May 20, 2024 /PRNewswire/ -- KnowBe4, the
provider of the world's largest security awareness training and
simulated phishing platform, today released its report on
cyber threats faced by the financial sector in the UK. The report
examines the escalating rise of cyberattacks on this sector, the
tactics deployed by cybercriminals and what financial institutions
should do to safeguard themselves and their employees.
The report shows that, in general, the financial sector in the
UK is under constant attack and that it is grappling to keep pace
with ever-evolving cyber threats. A clear urgency is emerging for
financial institutions to adapt their security strategies for
dealing with more sophisticated cyberattacks as banking is shifting
towards being fully digital.
Some key findings in the report reveal a startling landscape of
cyber threats:
- The frequency of ransomware attacks on the financial sector in
the UK doubled in 2023, showcasing an alarming escalation.
- Phishing and Business Email Compromise (BEC) remain the top
threats to organisations, which includes financial
institutions.
- AI-driven deepfake audio impersonations are notably on the
rise.
- For the first time, cyberattacks, and their potential to
disrupt essential services, were perceived as an acute risk, more
so than geopolitical tensions, inflation, or economic
recessions.
- There was a dramatic 81% surge in cyberattacks against UK
financial institutions in the year following Russia's invasion of Ukraine, outpacing the global increase of 61%
during the same timeframe.
- Multiple UK banks are lacking basic online and app protections,
including use of outdated and vulnerable web applications, failure
to enforce secure passwords, and the absence of alerts for critical
account changes.
The report further delves into the prevailing cyber threats in
the sector as well as real-life examples. It also provides some
practical advice on how financial institutions can protect
themselves against cyber threats and cyberattacks.
Addressing the urgency of the situation, Javvad Malik, lead
security advocate at KnowBe4 stated, "These findings underscore a
stark reality for the UK's financial sector - they are being
attacked at an unprecedented rate. Cyber defences need to adapt
with the same speed and intelligence as the threats themselves. In
addition to traditional security strategies, fostering a culture of
security awareness to mitigate the inherent human risk of any
organisation is no longer optional; it is a cornerstone for
survival against cybercrime."
To download a copy of KnowBe4's report on UK financial
institutions, click here.
About KnowBe4
KnowBe4, the provider of the world's
largest security awareness training and simulated phishing
platform, is used by more than 65,000 organizations around the
globe. Founded by IT and data security specialist Stu Sjouwerman, KnowBe4 helps organizations
address the human element of security by raising awareness about
ransomware, CEO fraud and other social engineering tactics through
a new-school approach to awareness training on security. The late
Kevin Mitnick, who was an
internationally recognized cybersecurity specialist and KnowBe4's
Chief Hacking Officer, helped design the KnowBe4 training based on
his well-documented social engineering tactics. Organizations rely
on KnowBe4 to mobilize their end users as their last line of
defense and trust the KnowBe4 platform to strengthen their security
culture and reduce human risk.
Media Contact
Amanda Tarantino
Public Relations Officer
KnowBe4
amandat@knowbe4.com
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