Caleb Mills, Professional Services Director at Doherty Associates, has called for a more holistic approach to security.
Mills was commenting on new research by law firm RPC, which showed that the amount of reports of cyber security breaches to the Information Commissioners Office (ICO) has increased from 187 to 640.
He said the findings were a stark reminder of the ever-escalating threats facing the financial services industry.
Mills thought the increase in reported cyber incidents could be a positive sign. It showed that more firms are aware of cybersecurity issues and actively reporting incidents.
“This would reflect a heightened awareness of the importance of cybersecurity within financial firms. This proactive approach is a significant step toward enhancing overall cybersecurity posture and mitigating potential risks effectively. With financial institutions safeguarding vast repositories of highly sensitive financial and personal data, they remain prime targets for malicious actors. It’s clear that no firm, regardless of its size, can afford to underestimate the importance of cyber defences,” Mills said.
He called for a more holistic approach to cybersecurity, which required constant monitoring and timely updates across every link in the supply chain.
“The consequences of failing to maintain a robust security posture are profound; they extend beyond financial implications to lasting reputational damage should a financial services business fall victim to a data breach. The stakes are high, and the need for vigilance has never been more evident,” Mills said.
