When we hear about cyber hacking crimes, the target of the attack is usually a large corporation or household name; however hackers are increasingly targeting smaller corporations, particularly those of less than $1 billion in revenue.
A recent survey by companies Nationwide and Advisen uncovered that since 2012 the average target company size had decreased by 28%, and alarmingly figures uncovered by the same survey indicate that malicious data breaches had risen by 40% between 2015-2016.
According to a subsequent survey by Beazley Breach Response (BBR) Services, financial organisations of less than $35 million in revenue were targeted more aggressively by hackers when compared to larger institutions. BBR cites the reason smaller companies are targeted is because they are simply more vulnerable. BBR says, “hackers are increasingly targeting smaller financial institutions with less robust data security systems and personnel than larger banks.”
Such is the breadth of cyber hacking proportions globally, its even garnered the attention of the G20. In a statement obtained by Reuters, the world’s largest economies vowed to collaborate in their fight against cyber attacks on the banking industry saying, “we will promote the resilience of financial services and institutions in G20 jurisdictions against malicious use of information and communication technologies, including from countries outside the G20.”
The light shone on cyber attacks by the G20 highlights the changing nature of businesses vulnerable to cyber attack and consequently, that the industry is ill-prepared to deal with such attacks. In order to protect themselves financial institutions should be aware that cyber threats are often indiscriminate and inherent in various sources including unencrypted data, new and unsecured technologies, and unsecured mobile banking.
To ascertain your vulnerability, take our survey or give us a call for a confidential discussion.