While political backrooms and Hollywood gossip fuel social media buzz around high-profile hacks, cyber security threats are more acute in one far more serious corner of society: the world’s financial system.
Members of the G7 on Tuesday announced a new effort to combat financial crime and intentions to move towards a more systematic sharing of information related to hacks - specifically details on new methods of attack and how vulnerabilities are exploited.
About 35 percent of all the so-called spear-phishing email in 2015 was directed at financial, insurance, and real estate firms – the most of any industry, according to a report by cybersecurity firm Symantec.
And in a report last month, Security Scorecard found 75 percent of the top 20 U.S. commercial banks (by revenue) are infected with malware.
Among other high-profile financial hacks, a massive breach of the SWIFT bank messaging system, which resulted in an $81 million theft of the Bangladesh Bank’s money from the New York Federal Reserve, increased awareness of how truly vulnerable the global financial system is to malicious actors.
According to a CIGI-IPSOS survey of more than 24,000 internet users, 85 percent of those polled think their government should work closely with other governments and organizations to address cyber security threats.