Due To Economic Slump, UK Banks Anticipate Rise In Cyber Crime

Recent study shows that the cost of living crisis in the UK is likely to lead to a rise in cyber crime.

More than a third (38%) of cyber security experts in the UK’s finance sector think that phishing and social engineering will become more common as a result of the recession and the hard times that workers are having.

The study, which was done by the UK cyber security firm Bridewell, also found that employee sabotage has increased by 63% in the last year and is now considered the biggest threat to IT security by a quarter of cyber security heads at finance firms.

But despite the gloomy outlook, 62% of finance firms have had to cut their IT security costs because of the recession.

This makes it hard for Bridewell and other cyber security companies to convince financial institutions to keep spending the same amount on security even though they may be taking on more risk and making less money.

“With current economic pressures taking their toll, cyber criminals are increasing their efforts to exploit vulnerable individuals within financial services organisations – whether through deliberate or negligent employee actions, or through sophisticated social engineering techniques, which offer a financial incentive,” said Emma Leith, director of consulting at Bridewell.

“To address this rising threat, organisations must continue to invest in robust cyber defences, encompassing the monitoring, patching and testing of systems and access controls, user behavioural monitoring, ongoing staff awareness exercises, and vigorous data loss prevention measures to minimise the impacts of a successful insider attack,” added Leith.

The survey talked to 500 computer security experts in the UK, some of whom worked in the financial sector.