Threat of cyber attacks on the rise for finance businesses

Financial companies are being warned to be more vigilant than ever with their data protection and cyber security. 

Recent research conducted by data security company Clearswift has concluded that 70% of companies in the financial sector have experienced a cyber security incident in the last 12 months.
The research found that almost 50% of the incidents reported were due to employees failing to follow security and data protection policies. 

The research surveyed senior business decision makers within enterprise financial organisations in the UK. This threat was more prominent for mid-sized companies with 3,000 to 4,999 employees. Further causes of cyber security incidents included the introduction of malware and viruses by third party devices such as USBs, file downloads and employees sharing data with unintended recipients. 

The finance sector is particularly at threat due to information dealt with and therefore businesses of any size in the industry need to be prepared for cyberattacks and data breaches.  With banking turning digital with the rise of FinTech and mobile banking, the industry is at risk more than ever. 

Though the financial sector appears at higher risk, this does not mean that businesses in other sectors should not be just as prepared.  The Hiscox Cyber Readiness Report 2019 surveyed organisations across the UK, US and Europe, including non-profit, business and public sectors. The survey found that 61% experienced a cyber incident in the last year, up from 45% the previous year. 

The National Cyber Security Centre offer useful guidance for companies regarding cyber security in its Cyber Security: Small Business Guide.  The guidance covers themes such as backing up data, protecting your organisation from malware, keeping smartphones safe and avoiding phishing attacks. Although this guide focuses on advice for small businesses, it would not do any harm for larger businesses to take a look as the advice can be applied to businesses of all sizes. 

At Skipton Business Finance, we have strict policies in place to make sure our business and its clients are not victim to cybercrimes. All of our employees are trained in how to spot fraudulent activity online and what to do in the case of cyberattack. If you would like to find out more, please contact us at info@skiptonbf.co.uk.