The importance of robust cybersecurity practices cannot be overstated, especially when it comes to critical infrastructure, such as the financial industry. Financial institutions, in particular, are entrusted with sensitive data and financial assets, making them prime targets for cyber threats. One crucial aspect of cybersecurity that often goes under the radar is third-party risk management (TPRM).
New data shows how the overwhelming majority of phishing attacks on financial institutions dwarf every other industry sector by as much as a factor of 30-to-1. It’s no secret that banks and other types of financial institutions hold all the money, so it should be no surprise that's where cybercriminals focused their malicious activities last year, according to Group IB’s Digital Risk Trends 2023 report.
The latest report from UK Finance paints a mixed picture of financial fraud in the United Kingdom, with losses exceeding £500 million in the first half of the year. However, amidst these concerning figures, there is a glimmer of hope as cyber fraud rates have shown a slight 2% decrease from the previous year.
