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

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.

Featured

Identity Governance at the Crossroads of Complexity and Scale

Modern enterprises are grappling with an increasing number of identities, both human and machine, across an ever-growing number of systems. They must also deal with increased operational demands, including faster onboarding, more scalable models, and tighter security enforcement. Navigating these ever-growing challenges with speed and accuracy requires a new approach to identity governance that is built for the future enterprise. Read Now
- Cybersecurity
Eagle Eye Networks Launches AI Camera Gun Detection

Eagle Eye Networks, a provider of cloud video surveillance, recently introduced Eagle Eye Gun Detection, a new layer of protection for schools and businesses that works with existing security cameras and infrastructure. Eagle Eye Networks is the first to build gun detection into its platform. Read Now
- Active Shooter
Report: AI is Supercharging Old-School Cybercriminal Tactics

AI isn’t just transforming how we work. It’s reshaping how cybercriminals attack, with threat actors exploiting AI to mass produce malicious code loaders, steal browser credentials and accelerate cloud attacks, according to a new report from Elastic. Read Now
- Cybersecurity
Pragmatism, Productivity, and the Push for Accountability in 2025-2026

Every year, the security industry debates whether artificial intelligence is a disruption, an enabler, or a distraction. By 2025, that conversation matured, where AI became a working dimension in physical identity and access management (PIAM) programs. Observations from 2025 highlight this turning point in AI’s role in access control and define how security leaders are being distinguished based on how they apply it. Read Now
- Access Control
- Artificial Intelligence
Report: Cyber Attackers Continue to Turn to AI-Based Tools to Avoid Detection

Comcast Business recently released its 2025 Cybersecurity Threat Report, a comprehensive analysis of 34.6 billion cybersecurity events detected between June 1,2024 and May 31, 2025. Now in its third year, the report offers business leaders a unique perspective into the evolving threat landscape and provides actionable insights to help organizations strengthen their defenses and align cybersecurity with business risk. Read Now
- Artificial Intelligence
- Cybersecurity

Security Today eNews

Sign up today for essential industry news and product information that can help you stay afloat in the fast-paced world of security.

Email Address*Country*

Please type the letters/numbers you see above.

Webinars

Whitepapers

New Products

EasyGate SPT SPD

Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles.
4K Video Decoder

3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.
PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening.