New research from Everfox, a global leader in high-security cybersecurity,  , today reveals how financial services and banking ( FS&, B) organizations struggle to defend against increasingly sophisticated attacks. However, the complexity of regulatory compliance is preventing people from adopting the proactive security measures that security experts believe will work.
According to the CYBER360 report, FS&B organizations are subject to 114 cyberattacks each year, with 94 % of them occurring within the past year. The most prevalent attack types were revealed to be phishing attacks ( 28 % ), compromised access credentials ( 25 % ), and DDoS ( 24 % ). And these organizations typically paid more than$ 531, 000 for a cyberattack’s treatment costs.  ,
Business safety leaders are concerned about the volume of cyberattacks, but it’s also about the number of them. According to 68 % of , FS&, B , organizations, the style of attacks is rising year on year. One in three security leaders in FS&, B , and organizations  identify inside threats as a major security issue, which complicates this risk.  ,
Everfox’s CEO, Sean Berg, stated :” The style of threats posed by external and internal danger actors puts protection leaders in financial services organizations under enormous stress. The heightened regulatory environment also adds stress, adding to the fact that this is resulting in real financial loss as a result of the costs associated with such attacks. The requirements for financial services organizations operating in Europe have increased since the introduction of the Digital Operational Resilience Act ( DORA ) earlier this year, as the threat landscape is becoming more difficult to defend against.
Two-thirds ( 65 % ) of FS&, B security leaders believe detection-based technologies are insufficiently preventing cyberattacks, claim they can’t keep up with the rise and development of attacks (60 % ), can’t prevent attacks using zero-day flaws ( 61 % ), and ultimately offer a defence that comes too late as the damage has typically already been done (60 % ), and are falling short. So, it shouldn’t surprise 71 % of employees that they think their organization should be investing in more preventative security options.
The way to proactive security is, however, difficult to access. Despite the fact that 71 % of FS&, B companies, it is already difficult to ensure that their tech stack complies with regulatory requirements. And while proactive safety measures and zero believe support improved conformity, security experts discover that these regulations place more of a focus on responsive measures than strategic ones, creating a catch-22.  ,
41 % of FS& B organizations report that the difficulty of integrating preventative safety solutions into existing IT system poses a challenge for adopting a more proactive security approach. This is also true of the legacy systems that are typical of many FS&, B organizations.
Berg continued,” FS&, B organizations are facing a great storm.” They must balance the demands of regulatory conformity with the need for strong security against insider threats and complex attacks. Our analysis clearly demonstrates that while FS&B firms are aware of the scale of the digital threat they face, concerns about managing the difficulty and compliance requirements of a change in their security stack are preventing them from adopting a more proactive stance. To ensure the safety and resilience of the economic ecosystem, the business needs to find a way to balance these conflicting pressures.