In 2021, the UK’s Financial Conduct Authority (FCA) reported a significant increase of over 50% in cyber incidents, with one in five involving ransomware.
The FCA received a total of 116 reports of material cyber security incidents, a rise from 76 in 2020. An incident may be deemed material if it:
– Results in a significant loss of data
– Causes the unavailability or loss of control over IT systems
– Affects a large number of customers
– Leads to unauthorized access of information systems
Data from a Freedom of Information request by Picus Security indicated that about one-third of the reports involved potential breaches of company or personal data confidentiality. March was the peak month for incidents, with 21 reported incidents coinciding with the announcement of critical vulnerabilities in Microsoft Exchange Server.
A recent report by the Financial Services Information Sharing and Analysis Center (FS-ISAC) highlighted that the shift toward digital banking is exposing firms to increased risks, including ransomware attacks, supply chain threats, and a resurgence of banking trojans and distributed denial of service (DDoS) attacks.
Suleyman Ozarslan, co-founder and VP of Picus Labs, commented on the concerning rise in reported cyber incidents, emphasizing the necessity for firms to continuously enhance their security measures. This is crucial not only for mitigating risks from external threats but also for addressing vulnerabilities related to IT failures and human errors.