Cyber in the Finance Industry: How can it do better?

Given how lucrative and vital finance companies are to the UK economy, it’s no surprise that cyber criminals are trying their luck at infiltrating these organisations, stealing sensitive information, and causing havoc. In fact, the Financial Conduct Authority has revealed that the number of declared cyber-incidents in the UK finance sector has risen by more than 1000% since last year.

The evidence is rife too – earlier this year, Metro Bank became another victim that was added to the list of cyber-attacks, after hackers were able to intercept a telecommunications vulnerability, affecting on a few customers however. Not as lucky was Tesco Bank, which was subjected to a £16.4 million fine when a staggering £2.26 million was stolen from customers’ personal current accounts.

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