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Cyber crime is big business. Companies are reporting a growing number of cyber attacks – many of them aimed at their intellectual property – and are spending more on information security measures as a result. The financial sector is renowned for taking a progressive approach to cyber security.

Financial sector records five-fold increase in cyber attacks . Cyber attacks on the UK’s financial services sector increased by a massive 480% last year, with insurance companies and investment banks among the most targeted.. does show that the financial services industry is now taking cyber security more seriously than ever.”.

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Cyber Threats on the U.S. Banking Industry Cyber attacks on financial services sector rise fivefold in 2018. Tesco Bank was fined 16.4m by the FCA as a result of a cyber attack in 2016 that saw 2.26m stolen from current accounts.

Despite investing heavily in security, financial institutions continue to experience cyber attacks at a rapid pace. Conducted primarily for the purpose of yielding illicit financial gain, cyber attacks against the financial services industry are increasing in sophistication and are often undetectable, global and instantaneous.

10 > 2017 COST OF cyber crime study key FINDINGS The average total cost by country, organizational size and industry The financial conse-quence of a cyber attack is worsening. P12 The cost of cyber crime varies by organizational size. P17 Financial services has the highest cost of cyber crime. P20 The cost of cyber crime by type of attack

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Only 30% of financial services firms in our research said they planned to increase their. continual challenge for the industry. Financial services firms have upped their game and are doing a better.

Even the retail industry is arming itself heavily to fend off attacks on customer data: In 2015, its average security spend increased by 67% over the previous year. The retail sector registered a 154% increase in detected cyber attacks between 2014 and 2015 and a 159% rise in financial losses over the same period.

 · Institutions More Vulnerable to Cyber Security Risks Like the majority people, you may think that financial institutions like banks would top the list of industries most at risk of cyber attacks. The reality is that healthcare, and not financial sector, stands at the peak of the industries at greater risk of cyber attacks, according to [.]

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Financial Services Is Industry Most at Risk for a Mega-Cyberattack: AIG Survey The survey of cybersecurity experts found that an attack on 5-10 companies simultaneously is highly likely this year.