Tag Archives: Clearswift

70% of financial companies suffer cyber security incident in last 12 months

New research conducted by data security company Clearswift reveals that 70% of financial companies have experienced a cyber security incident in the past year, highlighting the serious threat that both data breaches and malicious attacks pose to the UK’s financial sector.

The research, which surveyed senior business decision-makers within enterprise financial organisations in the UK, found that almost half of the incidents reported over the past 12 months originated from employees failing to follow security protocol or data protection policies. This threat was biggest in mid-sized financial companies (with 3,000-4,999 employees) with 52% of respondents citing employee failure to follow corporate data protection policies as their biggest issue.

In addition to this, it was found that further causes of cyber security incidents within the financial sector included the introduction of malware and viruses via third party devices, including USBs and Bring Your Own Device (32%), file and image downloads (25%) and employees sharing data with unintended recipients (24%).

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“The financial sector is the lynchpin of the UK’s economy and a vital part of our nation’s Critical National Infrastructure, so it’s alarming to see such high numbers of security incidents within financial organisations,” said Dr Guy Bunker, CTO at Clearswift. “Unfortunately, in this day and age it’s a case of ‘when’ not ‘if’ a firm is breached so the financial sector needs to shift gears and speed up the innovation and deployment of effective data protection and threat mitigation strategies.”

The numbers associated with security incidents are in stark contrast with further findings from the survey which revealed less than a quarter (23%) of respondents had an adequate level of budget allocated to cyber security within the firm. Unsurprisingly, 73% of respondents would like to see some – if not a significant – increase in their organisation’s cyber security spending.

Bunker added: “Whether it’s an inadvertent mistake, a malicious insider or an external threat actor that causes a security incident, the ramifications of data loss are extremely serious for any organisation. For those organisations who hold citizen data and their financial information, there’s a need for extra vigilance to protect that data no matter where it’s stored, how it’s processed or what digital collaboration channels it flows through. Understanding the latest threats and the potential consequences from next generation attacks will help drive the business case for investment in new technology to mitigate the risks.”

He continued: “Cyber security needs to rapidly evolve and the budgeting process should take this into account. The threat which can bring down a company may not have existed three months ago. Financial organisations need to be able to respond immediately in order to protect their reputation. While many areas of securing a company’s data can be improved by educating employees and developing clear policies and processes, technology plays a key role in mitigating today’s biggest threats through automating and enforcing security protocols. This requires investment. Great information security is a positive business differentiator and a driver of growth.”

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Companies showcased for London’s Cyber MarketPlace to innovate safely online

Academia, private industry and local business leaders joined forces on Thursday 1 June for the pre-launch presentation of the London Digital Security Centre’s MarketPlace at Mitre Passage in North Greenwich, followed by an ‘Evening with an Identity Thief’ with entertainer James Freedman.

Jointly hosted by the Federation of Small Businesses (FSB), the launch of the Cyber MarketPlace marks a key milestone in the Centre’s work to help small and medium-sized businesses in London operate in a secure digital environment.

The 19 companies chosen by the Centre for the launch of the MarketPlace at www.LondonDSC.co.uk are CensorNet, Clearswift, Cybereason, Cyber Rescue, IASME, ISMS.online, Newable, Panaseer, PAV, Rapid7, Securonix, Sims Recycling, Sophos, Symantec, Symphonic, Titania, TrapX Security, Yoti and ZoneFox.

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The MarketPlace presents solutions chosen by the Centre to help London’s businesses stay secure from digital crime. It provides SMEs with access to business resilience products and services supplied by private sector organisations who work in partnership with the Centre to enhance their ability to operate in a secure digital environment.

Matthew Jaffa, senior development manager for the FSB, stated: “What the London Digital Security Centre is offering to SMEs is totally unique. Its offering not only free membership, but a service backed by the Mayor of London, the City of London Police and the Metropolitan Police Service. Finding the right solution to improve a business’ online security can be a challenging task. What the Centre has done is take the hard work away and made it easier for businesses to enhance their security.”

Jaffa added: “The MarketPlace is a very useful resource for SMEs. Business owners should visit the Centre’s website to identify and obtain market-leading services that will help them to stay secure as they grow online.”

The Centre’s ‘Evening With’, sponsored by one of the Centre’s MarketPlace partners (namely Yoti) is just one of the events aimed at members to inform and educate on the world of cyber crime and to help prevent future cyber attacks.

James Freedman is widely considered to be one of the world’s greatest pickpockets. An entertainer and an expert on the subject of stealth crime, Freedman’s the only person to have picked the pockets of the Mayor of London, the Chancellor of the Exchequer and the Governor of the Bank of England!

John Unsworth, CEO of the London Digital Security Centre, commented: “Given recent events, our work could not be more timely or necessary. We’re starting to make a real difference to the digital security of businesses and helping to demonstrate that not only is London open for digital enterprise, but also that London’s businesses are at the forefront of ensuring they’re operating securely in the digital age.”

Unsworth concluded: “With the support of our founders, the Mayor of London, the City of London Police and the Metropolitan Police Service, we’ve identified digital security services that businesses need and put them together in one place.”

*For further information on the London Digital Security Centre visit www.londondsc.co.uk or contact John Unsworth via e-mail at: john.unsworth@londondsc.co.uk

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