Financial service industries suffer more cyberattacks than any other

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New figures have revealed that the financial sector is most at risk of cyberattacks, highlighting the overwhelming need for workers in this sector, more than any others, to boost their cybersecurity and protection.

Research from Netwrix found more than three-quarters (77%) of financial organizations detected an attack on their infrastructures in 2023, compared with around two-thirds (68%) of other sectors.

The figures come from a survey of over 1,600 IT and security professionals in more than 100 countries.

Finance workers most at risk of cyberattacks

The tendency for attackers to focus on financial services means that workers in the industry are at a higher-than-average risk of threats like phishing and other attacks, which could end up compromising their organization.

Netwrix VP of Security Research, Dirk Schrader, commented: “Financial organizations are highly targeted by cybercriminals for several reasons. First, these organizations store large volumes of valuable information, which adversaries are naturally eager to steal. Moreover, they manage access to funds, which means any operational disruption is highly problematic.”

Schrader added that ransomware gangs believe financial institutions are more likely to pay bigger ransoms than other sectors.

A higher-than-average number of financial institutions also rated their attacks as being more costly.

However, the company’s Security Strategist, Ilia Sotnikov, highlighted that financial organizations tend to have a “more mature” team of IT and security workers, owing to the high-risk nature of the industry.

Three-quarters (73%) of the respondents belonging to the financial sector said that they have a cybersecurity policy in place, or will do so within the next year. The average for all sectors was 59%.

Looking ahead, Netwrix has identified some key areas for improvement. In order to comply with insurance requirements, businesses are increasingly having to improve identity and access management and privileged access management.

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Craig Hale

With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!