Financial service cyber attacks increased fivefold in 2018

According to the Financial Conduct Authority, the UK saw a fivefold increase in data breaches in 2018 compared to the year before. In April 2018, seven retail UK banks, including Royal Bank of Scotland, Santander, Barclays and Tesco Bank had to shut down or limit their systems after hacks that cost them hundreds of thousands of pounds to fix.

In October, Tesco bank was fined, by the FCA, £16.4 million as a result of their 2016 cyber attack that saw £2.26 million be stolen from 34 current accounts.

Managing Director of tech infrastructure specialists TransWorldCom, Paolo Sartori comments on what is the next step in the ongoing fight to protect our data: “We have long been told that businesses and individuals alike need to be planning ahead of hacks and the ensuing data breaches, but with hackers becoming more creative it seems our public cyber security needs to be improved. While banks normally have excellent and secure cyber security, it is only as strong as the security measures of individual employees, as malicious emails can penetrate even the most robust protection measures. In terms of ensuring that data is safe and secure for the future, there needs to be a concerted effort to educate individuals against the full scope of data threat.

Personal and professional cyber security go hand-in-hand, a chain is only is strong as its weakest link, and financial workers succumbing to fake emails for example leave us all exposed. It is easy to separate consumer data from corporate or public cyber security but in reality we are all human and education against these kind of attacks is of the utmost importance”