With 91 percent of respondents citing ‘UK political risk’ as being of most concern, cyber-attack was cited by just 62 percent. When it comes to the perceived difficulty in managing these risks the two were pretty much neck and neck on 52 percent and 51 percent respectively. However, while the Brexit management concerns were down by 18 percent on the previous 2017 survey, cyber-attack management concerns were up by 5 percent. This is the third consecutive rise in cyber-risk management concern, which suggests that financial services organisations are still struggling to get to grips with cyber-security strategy.
Financial services also top the charts when it comes to being targeted by malware attacks, according to the 2018 IBM X-Force Report, with some 27 percent of malware targeting the sector. The majority of this is from organised crime in an attempt to obtain details of high value targets and where possible to commit grand larceny. “The traditional ‘threat triangle’ requires motivation, capability and locality in order for a threat to be effective” Alex Hollis at…
