Financial Services Firms Stare into the Abyss as Data Breaches Rocket

Uploaded on 2015-06-23 in NEWS-Cybersecurity News, FREE TO VIEW, BUSINESS-Services-Financial

According to a Freedom of Information request by Egress Software Technologies, the UK Information Commissioner’s Office notched up 791 breaches in this sector between 2012 and 2014, including 585 in 2014 alone.

The company has clarified that not all of these were security-related - the figure for data security issues was 158. Institutions reporting breaches in these years included Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide and Santander.
Egress chief executive Tony Pepper said: “Today’s report casts some major concerns over the mistakes they’re making with the information entrusted to them, whether that be citizens’ personal details or highly confidential reports about the economic future of the country.
“It is staggering to see financial services firms reporting more than three times the number of incidents than the legal sector, which has recently come under fire from the ICO.
“It is interesting to note that the monetary penalties issued by the ICO to this sector have historically been so low.”

Pepper said the rise in breaches should be triggering alarm bells everywhere, as once the EU General Data Protection Regulation - still making its long, slow path through the Brussels machine - is passed, the sector could face meltdown.
Under the new laws, far more severe penalties could be levied against miscreants than are currently being dished out by the UK regulator.
DataIQ: http://bit.ly/1T0wbLb

« PwC says UK Security Breaches Often Not Reported

WhiteHat Security: Majority of Websites Are Vulnerable to Data Thieves »

CyberSecurity Jobsite

Perimeter 81

Real Attacks. Real Tools. Real Scenarios.
Schedule a demo

Training that transforms behaviours

Sign Up: Cyber Security Intelligence Newsletter

Directory of Suppliers

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

Syxsense

Syxsense brings together endpoint management and security for greater efficiency and collaboration between IT management and security teams.

ON-DEMAND WEBINAR: What Is A Next-Generation Firewall (and why does it matter)?

Watch this webinar to hear security experts from Amazon Web Services (AWS) and SANS break down the myths and realities of what an NGFW is, how to use one, and what it can do for your security posture.

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

Roka Security

Roka Security is a boutique security firm specializing in full-scale network protection, defending against advanced attacks, and rapid response to security incidents.

CyberDef

CyberDef is a consulting company specialising in cyber defence services for small and medium enterprises.

Fingerprint Cards

Fingerprint Cards develops and produces biometric components and technologies that verify a person’s identity through the analysis and matching of an individual’s unique fingerprint.

Cyber Security Centre - Daffodil International University

Cyber Security Centre, DIU is a non-profitable organization which is focused on applied research in cyber security.

Baffin Bay Networks

Baffin Bay Networks operates globally distributed Threat Protection Centers™, offering DDoS protection, Web Application Protection and Threat Inspection.

Deceptive Bytes

Deceptive Bytes provides an Active Endpoint Deception platform that dynamically responds to attacks as they evolve and changes their outcome.

Keepnet Labs

Keepnet Labs is a phishing defence platform that provides a holistic approach to people, processes and technology to reduce breaches and data loss and presents anti-phishing solutions.

Cybersecurity Manufacturing Innovation Institute (CyManII)

CyManII was established to create economically viable, pervasive, and inconspicuous cybersecurity in American manufacturing to secure the digital supply chain and energy automation.

Jandnet Recruitment

Jandnet Recruitment is a small specialist company working in the IT sector. We recruit across all IT disciplines including cyber security and digital identity.

Upfort

Upfort (formerly Paladin Cyber) unifies award-winning security and robust cyber insurance to deliver comprehensive cyber risk solutions.

BotGuard

BotGuard provides a service to protect your website from malicious bots, crawlers, scrapers, and hacker attacks.

PurpleSynapz

PurpleSynapz provides hyper-realistic Cyber Security Training with a modern curriculum and Cyber Range.

Lifetech

Lifetech is a software development, product engineering and system integration company. Cybersecurity services include SIEM deployment and training.

InfoSystems Inc

InfoSystems provides reliable IT solutions to build and maintain strong and secure systems for both SMB and enterprise organizations.

Cyber Security Partners (CSP)

Cyber Security Partners specialise in the provision of Cyber Security Consultancy, Data Protection and Certification and Compliance services.

Filigran

Filigran provides threat intelligence, adversary simulation and crisis response open solutions to thousands of cybersecurity and crisis management teams across the world.