Survey: 77 Percent of Financial Organizations Experienced Cyberattack in Last 12 Months

  • Jan 03, 2024

Netwrix, a cybersecurity vendor that makes data security easy, recently revealed additional findings for the financial, banking and accounting sector from its survey of 1,610 IT and security professionals from more than 100 countries.

According to the report, within the last 12 months, 77% of financial organizations detected a cyberattack, compared to 68% among other industries. Phishing and ransomware were the most common types of attacks across all sectors.

The financial sector also experiences more targeted attacks on their IT infrastructure than other sectors. Indeed, 39% of financial organizations reported targeted attacks on their cloud infrastructure and 26% suffered targeted attacks on their on-premises footprint, higher than the 30% and 19%, respectively, reported among organizations overall.

The financial sector also reports higher expenses as a result of cyberattacks than other industries. In fact, 24% of financial organizations estimated their damage from incidents to be at least $50,000, compared to just 16% among organizations overall. To mitigate this risk, 73% of respondents in the financial sector either have a cyber insurance policy or plan to acquire one within the next 12 months, compared to just 59% of organizations in other industries. However, given the sector's risk profile, insurance companies impose stricter security requirements on financial organizations: 49% of them needed to improve identity and access management (IAM) and 48% had to comply with privileged access management (PAM) requirements, compared to 38% and 36%, respectively, in other sectors.

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