Security attacks in financial space 300% more than other industries: Study

NEW DELHI: Financial services encounter security incidents 300% more frequently than other industries, says a study.

Under constant barrage by cybercriminals, the number of attacks against the Finance sector dwarfs the average volume of attacks against other industries by a 3:1 ratio. Further, the sophistication and persistent nature of the attacks continues to challenge security professionals, says the study by Websense.

The research released by Websense Security Labs 2015 Financial Services Drill-Down Report reveals a high degree of specialization among criminals attacking financial services, a huge investment in the lure attack phase and the specific and anomalous attacks pointed at global targets dealing in finance.

“The famous quote, attributed to bank robber, Willie Sutton that he robbed banks 'because that's where the money is’ applies to cybercriminals as well,” said Carl Leonard, Principal Security Analyst, Websense.

“For years, this industry has been under attack by highly specialized groups of criminals. By analyzing the actions and attack patterns prominent and anomalous to this industry, we can share this knowledge to more effectively protect our customers’ data and assets.”

By analyzing data on attack patterns unique to specific industries, Websense researchers gained new insight into attack patterns, structures and tendencies against the financial services sector.