By Ian McShane, Field CTO, Arctic Wolf
Whether it’s fundamental changes to their operations or ways of working, there is no doubt companies in the financial services industry have particularly felt the impact of the pandemic over the last two years. The accelerated shift into our now established hybrid way of working, coupled with the increased expectation from their customers wanting to transform their digital capabilities, means financial institutions have had to rapidly adapt, and are fast learning 2022 will bring more of the same.
However, it is in fact these radical transformations that are now making financial services businesses a very attractive target for cybercrime. Whether it’s a high street bank or a large scale investment fund, cyber criminals are targeting companies within the sector in order to steal money, hijack client information or destroy critical information to disrupt services. According to a report from the DTCC, cyber attacks are now considered the number one threat to the financial markets, closely followed by COVID-19 and geopolitical tensions. In addition, recent research from Boston Consulting Group, also states banking and…
