The finance industry needs to spruce up its security act, according to Joe Collinwood, CEO at CySure (pictured).
Collinwood cited the UK’s Financial Conduct Authority (FCA) with incidents increasing from 69 in 2017 to 819 in 2018 – an increase of 1000 percent and said that in the technological age no business could afford to be underprepared when it comes to cybersecurity.
The finance sector regulator, the FCA, has recorded a ten-fold increase in cyber-crime incidents (i); however, across all sectors, more businesses are reporting being impacted by a cyber incident year-on-year. According to a recent report conducted by Hiscox (ii), there has been a sharp increase in the number of cyber-attacks this year, with more than 60 percent of firms have reported one or more attacks, up from 45 percent in 2018.
