The ongoing cost-of-living crisis in the UK is expected to contribute to an increase in cyber crime, according to recent research.
More than a third (38%) of cyber security professionals in the UK’s finance sector anticipate a rise in phishing and social engineering attacks due to the economic downturn and the resulting financial struggles faced by employees.
Research conducted by the UK cyber security firm Bridewell reveals that incidents of employee sabotage have surged by 63% over the past year, making it the top concern for IT security among a quarter of cyber security leaders in finance firms.
In contrast to this bleak outlook, the majority (62%) of finance firms have reported cuts to their IT security budgets as a consequence of economic challenges.
This situation poses a significant challenge for Bridewell and other cyber security firms, as they seek to persuade financial institutions to maintain necessary investments in security during a time of increased risk and declining profits.
Emma Leith, director of consulting at Bridewell, commented, “With current economic pressures taking their toll, cyber criminals are intensifying their efforts to exploit vulnerable individuals within financial services organizations—whether through intentional or negligent employee actions, or through sophisticated social engineering techniques that offer a financial incentive.”
She emphasized the need for organizations to continue investing in strong cyber defenses, which should include monitoring, patching, and testing of systems, user behavioral tracking, ongoing staff training, and robust data loss prevention measures to mitigate the impact of a successful insider attack.
The survey included responses from 500 cyber security professionals across the UK, including several from the finance sector.