Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

Cyber threats pose biggest problem to small firms

22/07/2016 by Usha Tyagi

W1siziisijiwmtyvmdcvmjivmdkvmjevmdevnjavq3llcibzzwn1cml0es5qcgcixsxbinailcj0ahvtyiisijywmhg0mdbcdtawm2uixv0

A new report produced by UK-based insurance firm Beazley has said that smaller companies are at more risk from cyber threats than their largest competitors. During the first half of 2016, the number of malware and hacking attempts on those in the financial sector increased sharply. This is particularly true for firms with revenues under $35 million, it was revealed. As a result, those in the financial sector must take the matter of cyber security seriously, training employees and using new technology to safeguard themselves.

Publishing data based on customer-reported data breaches, the Beazley Breach Insights report revealed that there had been a rise in attacks on financial institutions, particularly credit unions and banks. Compared to 2015, there have also been persistent attack levels noted for the higher education, retail and healthcare sectors.

The report showed that 955 data breaches have been uncovered by Beazley Breach Response Services unit for the year’s first six months. This compares to 611 breaches reported for the same period in 2015. 139 of this year’s attacks have taken place in the financial sector, with small institutions commonly attacked. In fact, credit unions and banks with an annual revenue of under $35 million experienced 81 per cent of the attacks. In the healthcare industry, 42 per cent of all sector breaches were caused by unintended disclosure, a rise from the 30 per cent noted last year. This is attributed to data being stolen as it transitions between organisations. Finally, malware and hacking in the retail sector remains high and accounts for 49 per cent of all breaches.

Beazley Breach Response Services Global Head Katherine Keefe said: “The persistent high levels of hacking and malware attacks are a reminder that all organisations in all industries need to have plans ready to respond when a breach occurs. The large increase we’ve observed in hacks aimed at financial institutions is noteworthy. Smaller banks and credit unions that typically have fewer defenses against these breaches are becoming bigger targets and need to be prepared.”

On the back of the discovery, Keefe suggests that financial institutions should do more to shore up their technological defences. In addition, employees need the correct training to combat threat awareness and cyber security. Keefe stated: “There is a lot they can do to protect themselves, but the sobering reality is that not every breach can be prevented and businesses – including financial institutions – should have robust plans for managing breaches should they occur.”

 

 

About Us

Montash is a multi-award winning global technology recruitment business. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions, including:

ERP Recruitment, BI & Data Recruitment, Information Security Recruitment, Enterprise Architecture & Strategy Recruitment , Energy Technology Recruitment, Demand IT and Business Engagement Recruitment, Digital and E-commerce Recruitment, Leadership Talent, Infrastructure and Service Delivery Recruitment, Project and Programme Delivery Recruitment.

Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtcvmdqvmjqvmtqvmzqvmzuvnjg3l3nodxr0zxjzdg9ja182mdq2otc5nziuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

What Does A Snap Election Mean For Recruitment?

2017-04-25 08:00:00 +0100

On Tuesday 18th April, Prime Minister Theresa May called a snap general election for 8th June, taking the nation by surprise. Rather than waiting until 2020, voters will now be casting their ballots in a matter of weeks. The hope for the government is that a Tory victory give the prime minister a strong mandate in parliament as Brexit negotiations begin. This sudden decision has been embraced by many in the recruitment industry due to the anticipated st...

W1siziisijiwmtcvmdqvmtkvmtuvndivntgvnjcyl3nodxr0zxjzdg9ja18xmja3mdi1ndcuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

Evolve or Die: The Importance of Being Agile

2017-04-19 18:00:00 +0100

In the high-speed world of IT, agility is essential if you want to stay on top. Over the last 20 years, Montash Managing Director Roy Dungworth has experienced many changes in the industry. But two things never change - the need for business agility and the importance of people. Roy shares his insights after two decades in the industry. The pace of the IT industry increases every year. The way people buy or consume information today is having an enormou...