Data breaches in financial services are unfortunately nothing new. They’re usually high profile, targeting the likes of likes of Wonga, Tesco Bank and Nationwide Building Society, and are typically the result of outside forces. While some place the blame for these breaches on legacy systems’ inability to cope with new forms of cyber attacks, or third party companies and vendors, the role of the insider is less considered.
New data from IBM’s X-Force Research found that human error is the biggest vulnerability to the financial services industry. It was found that insider involvement was the cause of 58% of breaches in 2016, with 53% either accidental or non-malicious and 5% a result of malicious intent.
It is clear from this research that there is not enough being done to protect financial services against insider data breaches and attacks, and Bomgar’s 2017 Secure Access Threat Report also found that one in three (33%) IT professionals believe it is at least fairly likely that former employees still have access to their internal systems and accounts. This is leaving a staggering number of businesses open to similar threats if they don’t address the issues presented by insiders and opens the door to sizeable GDPR fines if they are not compliant ahead of the May 2018 deadline. Read more..