Cyberattacks are the biggest risk to the UK financial system – Bank of England research

397732021-smallCyberattacks are the biggest risk to the UK financial system, according to new research from the Bank of England.

However, financial institutions remain confident in their ability to fend off attacks, and believe they are more likely to suffer from the impact of rising inflation.

The Bank’s H2 systemic risk survey polled 65 executives in the UK financial sector, and shows that 74% of respondents deemed a cyberattack to be the highest risk to the financial sector in both the short and long term, followed closely by inflation or a geo-political incident.

The number of respondents who believe their company is at high risk of attack grew rapidly this year, from 31% in the first half of the year to 62% in the second. Those considering the threat to be low has decreased by 20%, to just 3%. What’s more, 83% believe that cyber risk in the financial sector has increased in the past year. 

Full article at TechMonitor.

The 2023 Phishing Industry Benchmarking Report

Benchmarking-2023-cover-modal-resizedThe 2023 Phishing By Industry Benchmarking Report compiles results from the sixth annual study by KnowBe4 and reveals at-risk users across 19 industries that are susceptible to phishing or social engineering attacks. Taking it a step further, the research reveals radical drops in careless clicking after 90 days and 12 months of simulated phishing testing and security awareness training using the KnowBe4 platform.

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