TechTronBlog.com

Technology, Innovation, Collaboration
Menu
  • Features
  • Gadget
  • Mobile
  • Uncategorized

Daily Tech Updates Sent to your Email

Join our Newsletter
Home
Features
Financial industry spends millions to deal with breaches
Features

Financial industry spends millions to deal with breaches

August 17, 2020

A new study says financial services organizations experienced an average of 10 attacks a year and spent an average of $1.3 million to restore services after each DNS attack.


Companies managing financial services are suffering from more attacks than ever and spending millions to address the problems created by cybercriminals.

In the 2019 Global DNS Threat Report from security company EfficientIP, analysts spoke to 900 respondents from nine countries across North America, Europe, and Asia. They found that on average, companies were suffering from 10 attacks a year and were forced to spend $1,304,790 to restore services after each DNS attack.


This means institutions like banks are spending up to $13 million per year to address DNS attacks. More than 80% of companies that spoke to EfficientIP said they experienced an attack last year.

SEE: Special report: A winning strategy for cybersecurity (free PDF) (TechRepublic)

A heavy cost to businesses

Financial services were paying more than any other sector and, in 2017, they were paying $924,390 for a single DNS attack. The number of attacks in 2018 was nearly 40% higher than the year before, and almost 50% of financial services organizations told EfficientIP they were hit with DNS-based phishing scams.

“Financial services organizations have always been the gatekeepers of customers’ money, providing vital services people expect to be able to use all day and night,” said David Williamson, CEO of EfficientIP.  “With so much at stake, the networks of financial services organizations are a predictable, prime target for DNS attacks.”

The massive cost of these attacks was only one downside that respondents reported. In addition to the money it takes to restore systems, the money lost during downtime was crushing. Almost 50% of companies said they experienced cloud service downtime, and nearly 70% saw in-house application downtime.

“DNS attacks are moving away from pure brute-force to more sophisticated attacks acting from the internal network,” the report said. “This will force organizations to use intelligent mitigation tools to cope with insider threats.”

The GDPR effect

One positive note mentioned in the study is the effect the GDPR has had on security awareness in Europe. Organizations gave high marks to the legislation, nearly 80% said it spurred network security upgrades and general innovation. More than 80% said it had an effect on how their employees understood data privacy, and 64% said they saw heightened consumer trust.

“Organizations see a positive impact from GDPR legislation, feeling it will sustain the need to deploy stronger security defenses. Ongoing data privacy compliance initiatives strategies in other countries (CLOUD Act, NISD, PDPA, etc.) will also benefit,” the report said.

SEE: EU GDPR policy (TechRepublic Premium)

Security still lags

The more startling aspects of the report have to do with prevention. Almost 70% of responding organizations had security systems that did not perform any DNS traffic analysis for their internal threat intelligence program. About half of all companies that spoke to EfficientIP said they used little to no automation in their security systems. 

“What is a surprise is these organizations are not amplifying their security measures. They are big targets with costly breaches coming thick and fast,” Williamson added. “As our research shows, DNS security is a business imperative for the financial sector if hackers are to be kept at bay and to prevent services from caving in on themselves.”







Cybersecurity Insider Newsletter


Strengthen your organization’s IT security defenses by keeping abreast of the latest cybersecurity news, solutions, and best practices.
Delivered Tuesdays and Thursdays




Sign up today




Also see

” data-credit=”Image: welcomia, Getty Images/iStockphoto” rel=”noopener noreferrer nofollow”>securityinvestment.jpg

Image: welcomia, Getty Images/iStockphoto


Share
Tweet
Email
Prev Article
Next Article

Related Articles

https://www.techrepublic.com/article/bank-of-america-daimler-and-apple-partnering-with-ibm-for-confidential-computing-services/#ftag=RSS56d97e7

Bank of America, Daimler, and Apple partnering with IBM for confidential computing services

https://www.techrepublic.com/article/ai-on-the-high-seas-digital-transformation-is-revolutionizing-global-shipping/#ftag=RSS56d97e7

AI on the high seas: Digital transformation is revolutionizing global shipping

About The Author

Leave a Reply

Cancel reply

Recent Posts

  • New tech and gadgets you absolutely can’t miss
  • Razer Pro Click ergonomic wireless mouse maximizes your productivity
  • Lume Cube Panel Mini Bicolor LED Light provides on-the-go lighting for photographers
  • LINKA LEO GPS Smart Bike Lock can track your bicycle’s movements in more than 100 countries
  • Razer Pro Glide soft mouse mat cushions your hand during use

Recent Comments

    Archives

    • August 2020

    Categories

    • Features
    • Gadget
    • Mobile
    • Uncategorized

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    TechTronBlog.com

    Technology, Innovation, Collaboration
    Copyright © 2021 TechTronBlog.com
    Theme by MyThemeShop.com

    Ad Blocker Detected

    Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.

    Refresh