Infographic: Financial Service Cyber Attacks Up Fivefold In 2018

From TransWorldCom

 

According to the Financial Conduct Authority, the UK saw a fivefold increase in data breaches in 2018 compared to the year before:

Companies reported 145 breaches last year, compared to only 25 in 2017

 

In April 2018, seven retail UK banks, including Royal Bank of Scotland, Santander, Barclays and Tesco Bank had to shut down or limit their systems after hacks that cost them hundreds of thousands of pounds to fix.

In October, Tesco bank was fined, by the FCA, £16.4 million as a result of their 2016 cyber attack that saw £2.26 million be stolen from 34 current accounts.

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Managing Director of  TransWorldCom, Paolo Sartori comments on what is the next step in the ongoing fight to protect our data :

“We have long been told that businesses and individuals alike need to be planning ahead of hacks and the ensuing data breaches, but with hackers becoming more creative it seems our public cyber security needs to be improved. While banks normally have excellent and secure cyber security, it is only as strong as the security measures of individual employees, as malicious emails can penetrate even the most robust protection measures. In terms of ensuring that data is safe and secure for the future, there needs to be a concerted effort to educate individuals against the full scope of data threat.

Personal and professional cyber security go hand-in-hand, and financial workers succumbing to fake emails for example leave us all exposed. It is easy to separate consumer data from corporate or public cyber security but in reality we are all human and education against these kind of attacks is of the utmost importance”

 

 

About TransWorldCom

TransWorldCom are cyber-security specialists who provides cross-vertical IT and Communication solutions within an array of key productivity areas, primarily Connectivity, Contact Centre, Cyber Security, Disaster Recovery, IT Support Services, Systems Integration, Unified Communications and Web Design. The networks we provide are trusted by over 3,000 customers and have an NPS score of over 45. Our integrity and ethos as your trusted partner is important, because ultimately, what clients really seek is peace of mind. email sales@transworldcom.com

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