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Data Dive: Keeping hackers out of the bank vault
October 12, 2016 / 7:05 PM / 10 months ago

Data Dive: Keeping hackers out of the bank vault

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.

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