Middle East

Financial services companies may be vulnerable to ransomware for another two years

The Veritas Vulnerability Lag Report Found that companies in the financial services sector are more likely to struggle to keep up with security than companies in most other sectors.

According to the report, nearly half of respondents say that data security is lagging behind the rollout of digital transformation.

As a result, financial services companies are exposed to an increased risk of ransomware and other data loss incidents. The threat to this sector is expected to continue for another two years as organizations struggle to close the gap.

Johnny Karam, Managing Director and Vice President, International Emerging Region, Veritas Technologies, said: However, the Covid-19 pandemic threw a curve ball that no one could see coming, forcing organizations around the world to move faster than expected. This means that the pace of security deployments to protect this innovation has slowed and is severely exposed to digital risks.

“In the United Arab Emirates, we see companies in all industries making strong progress in their data protection efforts. Unfortunately, the global financial services industry still has a long way to go. , Companies in this sector are beginning to regain balance. 16% are confident that they will be able to close the gap this year. “

Financial services organizations that want to clear their vulnerability delays within 12 months will need to spend an average of $ 2.61 million and hire 29 new IT staff. $ 2.61 million is 5% more than the average required for all sectors. This may be disappointing news for IT leaders in this sector, given that last year’s IT initiative was 19% more than its peers.

Financial services companies are also less likely to have the necessary funds to take action wherever security is compromised. A total of 43% of respondents in the financial sector said they lacked the funds to fill all the gaps, compared to 28% for energy companies and only 25% for the public sector.

Cloud environments are the most risky and the vulnerability continues to lag. Eighty-two percent of financial services respondents are implementing new cloud capabilities or expanding the elements of their cloud infrastructure beyond their original plans for a pandemic. In organizations that have introduced an average of six new cloud services in the last 12 months alone, 54% of respondents say they have more gaps in their cloud protection strategies than any other area.

In response to a global survey, three in five IT leaders in financial services organizations said the Covid-led digital transformation initiative increased security risks, with 44% saying they were particularly at increased risk of ransomware attacks. I am saying.

Business operations are already suffering from this vulnerability. 89% of financial services say their organization has experienced downtime in the last 12 months. In particular, on average, financial services were the victims of the 3.22 ransomware attack, causing business disruptions and downtime. This is almost one-third. From the average of all sectors.

Karam said: “The pressure that Covid-led digital transformation puts on the IT department wasn’t unique to the financial services sector, but its position as a very attractive target for hackers makes them more serious for the industry. It can mean that hackers have limited resources to knock on doors and push them back, so IT teams can feel like they’re between a rock and a difficult place. However, wise IT leaders have found a third method: data protection that can minimize the burden on data protection administrators through simplified tools that leverage AI and machine learning. Partnering with providers. By adopting this approach, financial institutions can accelerate their security deployments and prevent their protection infrastructure from lagging behind in digital transformation. “

read: Protection, not cure, is key to fending off ransomware criminals

https://gulfbusiness.com/financial-services-companies-may-be-vulnerable-to-ransomware-for-another-two-years/ Financial services companies may be vulnerable to ransomware for another two years

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