By Andy Norton, European Cyber Risk Officer at Armis
According to 79% of those taking part in the most recent Bank of England systemic risk survey, cyber-attack was the most cited risk to the UK’s financial system. A survey, it should be noted, that was carried out prior to the Russian invasion of Ukraine and the resulting media warnings about an increased risk of such things. As well as being the number one threat to banking for the second consecutive year, cyber-attack was also determined to be the most challenging risk for 65% of financial industry firms that took part. In order to better defend against potential attacks, financial institutions need to start thinking differently about cybersecurity, risk, and resilience. Why so? Well, what if I were to tell you that the Internet of Things (IoT) and other operational technology devices have massively expanded the financial industry attack surface, while at the same time remaining an under-the-radar security challenge courtesy of multiple defensive blind-spots for many.
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