Cyber Risk for the Financial Sector: An Analysis Based On 10 Statistics – Part 2


“Cyberattacks haven’t changed, but it has ramped up the pace it evolves and the outcomes.” – This is what we have precisely learned from PART 1 of this article.

As such crimes are ever on its rise, recent cybersecurity attack statistics should be an eye-opener for organizations – especially those operating under the presumption that a cyberattack will never fall upon them. 

However, since cybercriminals are getting more and more advanced, and the global financial services sector is in its race to embrace the most advanced digital technologies to make workflows more efficient, we have highlighted a few of the cybersecurity attack statistics relating to financial services space here…

  1. “Most Financial Firms Had Underwent A Cyberattack In 2019” – Vanson BourneMost-Financial-Firms-Had-Underwent-A-Cyberattack-In-2019-Vanson-Bourne

A survey report by technology research organization Vanson Bourne on account of Clearswift found that nearly 70% of financial companies have experienced a cybersecurity breach in the last 12 months.

The study, which surveyed 100 senior business decision-makers within UK-based enterprise financial institutions, found that roughly half of those issues arose from “the failure of employees to follow the right security or data protection policies.”

Besides, it also discovered that further causes comprised the infection of malware and viruses through USBs, BYOD, and other third-party devices (32%), file and image downloads (25%), and employees carelessly sharing any confidential data with unintended recipients (24%).

  1. “Security Breaches Continues To Grow” – AccentureSecurity-Breaches-Continues-To-Grow--Accenture

The expense to address cyber assaults is higher for financial services firms than for organizations in any other sectors, and the costs continue to increase, according to the Cost of Cybercrime Study in Financial Services: 2019 Report by Accenture.

The same report revealed that the average annualized cybercrimes cost for the financial industry has risen to $18.5 million globally, which is above 40% higher than the average price of $13 million per firm over the entire sectors.

Furthermore, malicious insider attacks are the costliest ones to resolve by the financial firms, at nearly $243,000 per attack; such problems also take the highest time to fix, with an average of 55.1 days. This is pretty much higher when compared to the average time required to contain with ransomware (33.8 days) attacks or web-based attacks (25.9 days).

The analysis also remarked that just one-third of the firms (which is nearly 34%) are deploying Artificial Intelligence (AI) and machine learning to combat any possible cyber threats. The study also mentioned it as discouraging because these technologies, when fully implemented, could deliver the most considerable cost savings for the security efforts of an organization.

  1. “Financial Services Firms Spend $2,300 Per Employee On Cybersecurity” – DeloitteFinancial-Services-Firms-Spend--2,300-Per-Employee-On-Cybersecurity--Deloitte

Combined research by Deloitte and the Financial Services Information Sharing and Analysis Center (FS-ISAC) is found to highlight the budget impacts for establishing essential information security. 

As per the report, the financial institutions spend an average of approximately $2,300 per full-time employee annually for maintaining cybersecurity.

The average spends assigned as a percentage of revenue is around 0.2% to 0.9% or $1,300 to $3,000 on cybersecurity per full-time employee.

Review responses additionally confirm that larger firms allocated their budget’s one-fifth portion to identity and access management; this is roughly twice the percentage of mid and smaller sized organizations, which spend massively on the network security.

Key Takeaways

Cybersecurity statistics, which we have scrutinized so far through a series of two blogs, show that financial businesses invest an average of $2,300 per employee in cybersecurity, and still is 300 times more prone to infosec attacks.

While there are many other cybersecurity statistics out there relating to the financial industry, it’s not practical for us to cover all of them in our posts. Nevertheless, four more significant statistics will be included in our future blog post. So, be sure to keep an eye out for our upcoming PART 3 on the topic of the 2019 cybercrime statistics in the financial sector.

In the meantime, make sure you do everything to avoid becoming a victim of a cyberattack. For more bits of advice, get in touch with the renowned cybersecurity company, Cybernetic Global Intelligence (CGI).

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