The average cost of a data breach in the financial industry is approaching $6 million!

According to a survey by global consulting firm PwC, cybersecurity risks, of which almost one in every two executives in the world are concerned, were ranked among the global risks facing the world in 2022 by the World Economic Forum. From a sectoral point of view, cyber security threats were at the top of the risk radars of companies operating in the field of financial services.

Cyber ​​security, which is listed among the global risks of 2022 by the World Economic Forum, has started to be among the priority agenda items of companies. In 2021, where there were 50% more cyber attacks per week on corporate networks compared to 2020, the financial sector also suffered from cyber attacks targeting critical infrastructures. Pointing out that the average cost of a data breach in the financial sector in 2021 is $5.72 million, according to the report prepared by the Ponemo Institute, Berqnet General Manager Hakan Hintoğlu said, “Considering that the majority of cyber attacks are carried out with financial motivations, cyber security risks are more common for companies working in the financial sector. said to be threatening. As Berqnet, we recommend that companies working in the financial services sector constantly review their security measures, make regular checks, and closely follow the developments in cyber security in order to reduce their vulnerability in this regard.

More than 90% of all successful attacks start with a phishing attack

Phishing was the most common initial attack tool in 2021, according to a report by the Ponemo Institute. Costing an average of $4.37 million, these attacks accounted for 20% of the total breaches. Reminding that phishing attacks in the financial sector increased by 22% in the first 6 months of last year compared to the same period of 2020, Hakan Hintoğlu said, “In addition to phishing attacks, the financial sector experienced the highest number of DDoS (Distributed Denial of Service) attacks in 2021 and that in the first six months of the year, commercial It is known that banks and payment services are exposed to more than 7,000 DDoS attacks. These attacks, which make systems reaching the end user inaccessible and can lead to larger data breaches, can cause significant financial losses, especially for financial services provider companies. Moreover, in ransomware attacks, malicious people spread the user data they have captured until their demands are met, which can cause great damage to the reputation of these companies in the eyes of customers. As Berqnet, the only domestic cyber security brand that has been included in the Deloitte Technology Fast 50, where technology companies with a revenue of 50 million euros or more in the financial period are listed in the last two years, we are working to eliminate these risks with our domestic and new generation cyber security solutions that we offer to companies of all sizes. ” said.

“In addition to the in-house measures, the security vulnerabilities of 3rd parties should also be determined”

Pointing out that the supply chain attacks that threaten the world’s largest economies were experienced 4 times more in 2021, Berqnet General Manager Hakan Hintoğlu listed the following suggestions for financial companies that want to increase their cyber security measures: “Multi-factor authentication and Zero Zero to combat cyber attacks Using trust principles, getting services from internet service providers for DDoS attacks, hosting their own protection systems, and using an attack surface management solution that can detect data leaks are among the top three measures we recommend. In addition, companies play an important role in preventing possible losses by detecting security vulnerabilities in all supplier services by using a third-party risk management system, designing recovery plans against potential attacks, proactively notifying their customers about activity in customer accounts, and regularly training their employees on cyber security risks. We are ready to provide all support to increase the resilience of organizations from every sector, especially financial companies, with our firewall products designed for small, medium and large-sized businesses, as well as the support and training services we offer.”

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *