A report by research centre Ponemon Institute, commissioned by password manager Keeper Security, revealed that 70% of UK financial firms suffered a cyber-attack in 2020. The attacks were exacerbated since most of the employee are working from home because of the COVID-19 and cyber attackers use this opportunity to steal or access sensitive information due to not enough security controls are implemented to reduce risk of working from home. 

Experts Comments

January 21, 2021
Niamh Muldoon
Senior Director of Trust and Security EMEA
OneLogin

The COVID19 pandemic has created a new reality for the finance sector globally, not just in the UK. Unfortunately during this crisis we saw malicious actors and attackers take advantage of the smaller more vulnerable financial organisations and exploit the weak access control measures and utilising social engineering phishing campaigns as their main vehicle to target and exploit targeted audiences, resulting in data breaches and or ransomware attacks.

 

Ransomware will remain a global cyber

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The COVID19 pandemic has created a new reality for the finance sector globally, not just in the UK. Unfortunately during this crisis we saw malicious actors and attackers take advantage of the smaller more vulnerable financial organisations and exploit the weak access control measures and utilising social engineering phishing campaigns as their main vehicle to target and exploit targeted audiences, resulting in data breaches and or ransomware attacks.

 

Ransomware will remain a global cyber security threat during 2021 for these smaller financial providers and the associated risk of this threat is increasing. With the business disruption caused by COVID19, we have seen an accelerated need for digital transformation within the financial sector particularly the smaller financial industry providers.. 

 

The fundamental security requirement for the finance industry is to understand who and what is trying to access finance technology environments and the data stored within. The cycle of lockdowns and the return to work regulations require organisations to put hybrid operating models in place that cater for both office and remote working, further highlighting the importance of identity and access management to support the business through this transformation.

 

Understanding financial data is subject to both regulatory and compliance requirements, we are seeing an increase in financial providers and general practitioners reaching out to us as industry experts to partner on identity and access management.

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