Cyber threats have increased significantly

By: Trademagazin Date: 2022. 09. 23. 07:50

The number of cyber-attacks has increased significantly, and new types of threats have emerged that pose a particularly high risk to financial service providers. With 70 years of experience in the field of paper-based and digital data management, Iron Mountain experts have collected four pieces of advice that businesses can follow to make better use of their data assets and increase their security.

By 2024, banks could lose $347 billion due to cyber attacks

Criminals attempted about 270 cyber attacks against the average business in 2021, which represents a 31% increase compared to the previous year, according to Accenture’s comprehensive cyber security report, which surveyed 4,700 business leaders worldwide. More than four-fifths of respondents reported that they had to spend more on defense, which now accounted for 15 percent of the total IT budget, up from 10 percent the previous year. According to Accenture’s 2021 forecast, cyberattacks on banks will cause losses of $347 billion in 2020 and beyond, insurance companies will lose $305 billion, and capital markets will lose $47 billion by 2024.

In the past few years, several factors have increased the level of cyber threats: such was the spread of working from home as a result of the pandemic, as well as the increasing sensitivity to the protection of personal data. New types of threats have also appeared: companies’ supply chains have been increasingly targeted, and the rate of successful attacks against suppliers has risen from 44 to 61 percent, according to the already cited report. The most common attack method is the use of blackmail programs (ransomware).

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