Financial institutions in the US and UK cut security budgets by a quarter last year and saw cybercrime and fraud activity rise by about the same amount during the pandemic, according to new research from BAE Systems Applied Intelligence.
The British cybersecurity and risk management firm engaged Atomik Research to poll nearly 1000 banks and insurers and 2000 consumers in the US and UK back in March, in order to better understand the impact of COVID-19 on the industry.
It found that three-quarters (74%) of responding organizations experienced a rise in cybercrime since the start of the pandemic, with botnet attacks (35%), ransomware (35%), phishing (35%), mobile malware (32%), COVID-related malware (30%) and insider threats (29%) particularly common.
74% of Financial Institutions See Spike in COVID-Related Threats
Financial losses have also increased among organizations in the last year, with the average cost reaching $720,000.
Financial institutions are hit hard by COVID-related cybercrime, according to new research from BAE Systems Applied Intelligence.
The index surveyed 902 organizations in the financial services sector and found 74% of respondents have experienced a rise in cybercrime since the pandemic began, with 42% of banks and insurers saying the remote working model has made them less secure. We re noticing a clear collaboration emerging between different groups of criminals across the wider landscape of serious and organized crime, says Adrian Nish, Head of Cyber at BAE Systems Applied Intelligence, in a release. Fraudsters and cybercriminals seek to exploit fear, uncertainty and change, and the pandemic has offered them new opportunities to probe for weaknesses they can monetize and new ways to disguise thei
Financial institutions see spike in threats linked to COVID-19
Almost three-quarters (74 percent) of banks and insurers have experienced a rise in cybercrime since the pandemic began according to a new report.
The findings released today by by BAE Systems Applied Intelligence, the cyber and intelligence arm of BAE Systems, as part of
The COVID Crime Index 2021 analyze the changing nature and impact of fraud, risk and cyber threats on UK and US financial institutions and consumers over the last 12 months
The research, based on a survey of over 900 organizations in the financial sector, also shows IT security, cybercrime, fraud or risk department budgets had been cut by almost a third (26 percent) in the past 12 months. In addition 42 percent say that the remote working model brought about as a response to COVID-19 makes them less secure. Just under half (44 percent) are also concerned that this has led to less visibility of potential holes in their network or infrastructure and a
3 in 4 Financial Institutions Seeing Higher Threats Due to COVID-19
Financial institutions (FIs), such as banks and insurance providers, are reporting significantly increased threat levels from COVID-related cyber crime according to new research by BAE Systems Applied Intelligence, the cyber and intelligence arm of BAE Systems.
A huge jump in new pandemic-related threats, alongside a rise in challenges caused by enforced work from home guidance, is leaving open and insecure gaps in FIs’ networks. The findings released today within The COVID Crime Index 2021 analyses the changing nature and impact of fraud, risk and cyber threats on UK and US FIs and consumers over the last 12 months.