Everfox, a global leader in high-security cybersecurity, today released new research that examines how financial services and banking ( FS&, B) organizations are struggling to defend against increasingly sophisticated attacks. However, the complexity of regulatory compliance is making it difficult to take the proactive safety measures that security experts believe will be the solution.
According to the CYBER360 report, FS&B organizations are subject to 114 attacks each year, with 94 % of them occurring within the past year. The most prevalent attack types were revealed to be phishing attacks ( 28 % ), compromised access credentials ( 25 % ), and DDoS ( 24 % ). And these organizations typically paid more than$ 531, 000 for a cyberattack’s treatment costs.  ,
Market safety leaders are concerned about the volume of cyberattacks, but it’s also about the number of them. According to 68 % of , FS&, and B  organizations, cyberattack intelligence is rising year on year. One in three security leaders in FS&, B , and organizations  identify inside threats as a major security issue, which complicates this risk.  ,
Everfox’s CEO, Sean Berg, stated :” The style of threats posed by external and internal danger actors puts protection leaders in financial services organizations under enormous stress. The heightened regulatory environment also adds to this pressure, as well as translating into actual financial loss through the expenses of recovering from such problems. The requirements for financial services organizations operating in Europe increased as a result of the adoption of the Digital Operational Resilience Act ( DORA ) earlier this year.
Two-thirds ( 65 % ) of FS&, B security leaders believe detection-based technologies are insufficiently preventing cyberattacks, claim that they can’t prevent attacks using zero-day flaws ( 61 % ), and that they can’t provide a defense when the damage has typically already been done (60 % ), and that they can’t keep up with the increase and increase in sophistication of attacks (60 % ). So, it shouldn’t surprise 71 % of employees that they think their organization should be investing in more preventative security solutions.
However, there are some challenges to preventing protection. 80 % of FS&, B companies now find it difficult to ensure their tech load complies with regulatory requirements. And while preemptive safety measures and zero believe support improved conformity, security leaders discover that these regulations place more of a focus on responsive measures than strategic ones, making for a catch-22 situation.  ,
41 % of FS& B organizations report that the difficulty of integrating preventative protection solutions into existing IT system poses a challenge for adopting a more proactive security approach. This is also true of the legacy systems that are typical of many FS&, B organizations.
Berg continued,” FS&, B organizations are facing a great storm.” They must balance the demands of regulatory compliance with the need for strong security against insider attacks and complex attacks. Our analysis clearly demonstrates that while FS&B firms are aware of the scale of the digital threat they face, concerns about managing the difficulty and compliance requirements of a change in their security stack are preventing them from adopting a more proactive stance. To ensure the safety and resilience of the economic ecosystem, the business needs to find a way to balance these conflicting pressures.