Subj : Many top financial firms hit by data breaches in the past year
To   : All
From : TechnologyDaily
Date : Wed Jul 26 2023 10:15:04

Many top financial firms hit by data breaches in the past year

Date:
Wed, 26 Jul 2023 09:02:34 +0000

Description:
Report claims most EU firms have a poor security posture, making them a prime 
target for crooks.

FULL STORY
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More than three-quarters (78%) of financial institutions in the European 
Union (EU) suffered a data breach in the last 12 months, a new report from 
SecurityScorecard has claimed. 

The information security company set out to determine the state of 
cybersecurity among organizations that must comply with the Digital 
Operational Resilience Act (DORA) by January 2025. 

To do that, it analyzed 240 of the largest financial institutions in the EU, 
as well as their third- and fourth-party vendor operations in Europe. This 
amounted to an ecosystem of 26,142 domains. It picked the 240 organizations 
based on current revenue, assets under management, or gross written premium. 
Fourth-party risk 

The firms analyzed include private equity, asset management, retail banks, 
Insurance, and pension funds. 

Besides the vast majority suffering a cyberattack, an even bigger percentage 
(84%) were exposed to a fourth-party breach. As per the researchers, there is 
a vast web of unseen risks hiding in plain sight, requiring visibility across 
the entire third- and fourth-party ecosystem. Despite the findings, 
businesses lack consensus on how to measure and track fourth-party risks, it 
was said. 

Furthermore, just 3% of the third-party vendors that were analyzed for the 
report suffered a breach. There is a massive butterfly effect here that the 
threat actors are just now starting to leverage, the researchers say, adding 
that supply chain attacks are growing more popular among hackers. Read more 

> Data breach sees nearly 5 million users hit at major loan firm 


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In conclusion, almost a fifth (18%) had a poor cybersecurity rating (C or 
lower), which makes them four to seven times more likely to suffer a data 
breach , compared to those with the highest rating. To predict a data breach, 
businesses should pay attention to these factors, the researchers concluded: 
endpoint security; patching cadence; ransomware score; DNS health; IP 
reputation; cubit score; and network security. 

If nearly 20% of the most well-resourced financial entities in the EU have 
grades of C or worse, then its likely that the overall cyber resilience for 
other financial entities is actually much lower, said Matthew McKenna, Chief 
Sales Officer, SecurityScorecard. Check out the best firewalls



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Link to news story:
https://www.techradar.com/pro/many-top-financial-firms-hit-by-data-breaches-in
-the-past-year


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