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Digital Identity, Security & Online Fraud

45 percent of financial institutions breached in the last two years

Wednesday 1 August 2018 | 10:35 AM CET

A ServiceNow cybersecurity study has revealead that 45% of financial services institutions (FSIs) have experienced a data breach in the last two years, and the severity of cyberattacks continue to increase.

Many FSIs face the "patching paradox"— hiring more people does not equal better security. The study shows that companies struggle with patching because they use manual processes and cannot prioritize what needs to be patched first.

Study key findings:

  • 17% increase in cyberattack volumes over the last 12 months

  • 23% increase in cyberattack severity over the last 12 months

  • Of those surveyed, 37% say they actually knew they were vulnerable before the breach occurred

  • 58% say that manual processes put them at a disadvantage when patching vulnerabilities.

As noted previously, attack severity and volumes are increasing. However, hackers aren’t just attacking harder and more often—they are also attacking faster: 53% of respondents from financial services institutions said that the time window for patching— the time between patch release and hacker attack—has decreased an average of 27% over the last two years. As AI-fueled attacks become more prevalent, we expect that window to shrink even further.

ServiceNow commissioned the Ponemon Institute to survey nearly 3,000 cybersecurity professionals. Of those surveyed, 467 were from financial services institutions. Respondents were based in Australia, France, Germany, Japan, the Netherlands, New Zealand, Singapore, the United Kingdom, and the United States, and represented companies with more than 1,000 employees.