Financial institutions on high alert for major cyber attack…(Bank On It! No Pun Intended…)

Thursday, February 18, 2016
By Paul Martin

Warwick Ashford
11 Feb 2016

A major financial institution is likely to be hit by significant cyber criminal activity in 2016, according to the latest ThreatMetrix Cybercrime Report.

Analysis of more than 15 billion transactions in the past 12 months by the ThreatMetrix Digital Identity Network revealed a 40% increase in cyber criminal activity targeting the financial sector.
A record 21 million fraud attacks and 45 million bot attacks were detected in the last three months of 2015 alone.

The data also shows that the financial sector is facing the highest number of organised attacks and multi-channel threats.

The biggest emerging threat for financial institutions is bot attacks, which increased 10 times in the last three months of 2015 compared with the previous quarter.

A worst-case attack scenario could see a major bank or financial institution completely paralysed for days, leading to millions – if not billions – of pounds of lost business, according to ThreatMetrix analysts.

The Rest…HERE

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