UK banks expect rise in Cyber-Crime due to economic downturn
A recently published research study suggests that the cost-of-living crisis in the UK is likely to contribute to a surge in cyber crime. The study, conducted by UK cyber security firm Bridewell, reveals that a significant portion of cyber security professionals within the finance sector anticipates an increase in phishing and social engineering attacks due to the economic downturn and the resulting financial hardship faced by employees.
Rising Threats and Employee Sabotage
The research indicates that instances of employee sabotage have seen a staggering 63% increase over the past 12 months. As a result, it is now regarded as the primary threat to IT security by a quarter of cyber security heads at finance firms. This concerning trend can be attributed to the challenging economic climate and the strain it places on employees, increasing the likelihood of insider attacks or negligent actions that compromise security.
Budget Constraints and Security Investment
Despite the escalating threats, the study reveals that the majority (62%) of finance firms have experienced budget reductions for their IT security. This poses a significant challenge for Bridewell and other cyber security firms, as they strive to convince financial institutions to maintain adequate investment in security measures amidst an environment of reduced profits.
The Need for Continued Investment
Emma Leith, director of consulting at Bridewell, emphasizes the importance of organizations continuing to invest in robust cyber defenses to address the rising threat. This investment should encompass various measures, including system monitoring, patching and testing, access controls, user behavioral monitoring, ongoing staff awareness exercises, and robust data loss prevention strategies. By implementing these measures, the impacts of successful insider attacks can be minimized, protecting financial institutions and their customers from potential harm.
The cost-of-living crisis in the UK has the potential to exacerbate cyber crime, with cyber security professionals foreseeing an increase in phishing and social engineering attacks. The rise in employee sabotage further highlights the urgent need for heightened security measures. However, the financial constraints faced by finance firms present a significant challenge to maintaining adequate investment in cyber security. To effectively combat these threats, organizations must recognize the importance of sustained investment in robust cyber defenses and implement comprehensive strategies to safeguard their systems, employees, and customers.