Everfox, a global high-assurance cybersecurity leader, today released new research exposing how financial services and banking (FSB) organisations are struggling to combat increasingly sophisticated attacks. However, the complexities of regulatory compliance are presenting a barrier to adopting the preventative security measures security leaders believe will be the answer.The CYBER360 report reveals FSB organisations are facing 114 cyberattacks each week with 94% of organisations having fallen victim to a cyberattack over the past 12 months. Phishing attacks (28%), compromised access credentials (25%) and DDoS attacks (24%) were revealed to be the most common attack types. And on average, these organisations paid more than $531,000 on the recovery costs of a cyberattack. But it’s not just the volume of cyberattacks which poses a concern to industry security leaders. 68% of FSB organisations believe that the sophistication of cyberattacks is increasing year on year. A complicating factor is that this risk is not only presented by external actors; one in three security leaders in FSB organisations identify insider threats as a top security concern. Sean Berg, CEO at Everfox, commented “The sophistication of threats posed by external and internal threat actors puts security leaders in financial services organisations under immense pressure. Not only is this translating into real financial losses through the costs of recovering from such attacks, but the heightened regulatory environment adds to this pressure

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Everfox, a global high-assurance cybersecurity leader, today released new research exposing how financial services and banking (FSB) organisations are struggling to combat increasingly sophisticated attacks. However, the complexities of regulatory compliance are presenting a barrier to adopting the preventative security measures security leaders believe will be the answer.The CYBER360 report reveals FSB organisations are facing 114 cyberattacks each week with 94% of organisations having fallen victim to a cyberattack over the past 12 months. Phishing attacks (28%), compromised access credentials (25%) and DDoS attacks (24%) were revealed to be the most common attack types. And on average, these organisations paid more than $531,000 on the recovery costs of a cyberattack.But it’s not just the volume of cyberattacks which poses a concern to industry security leaders. 68% of FSB organisations believe that the sophistication of cyberattacks is increasing year on year. A complicating factor is that this risk is not only presented by external actors; one in three security leaders in FSB organisations identify insider threats as a top security concern.Sean Berg, CEO at Everfox, commented “The sophistication of threats posed by external and internal threat actors puts security leaders in financial services organisations under immense pressure