Security News > 2021 > May > Financial institutions experiencing jump in new pandemic-related threats

According to the index, which surveyed 902 organizations in the financial services sector, 74 percent have experienced a rise in cybercrime since the pandemic began, with 42 percent of banks and insurers revealing the remote working model has made them less secure.

44 percent were also concerned that this has led to less visibility of potential holes in their network or infrastructure and a further 37 percent of FIs believe their customers are now at greater risk of cybercrime or fraud.

The index found that 56 percent of US and UK banks and insurers saw an upsurge in financial losses over the last 12 months - the average cost reaching $720,000 and rising.

On average, budgets within IT security, cybercrime, fraud and risk departments have been slashed by 26 percent and 40 percent have had to cut back on critical IT security technology spend.

28 percent said they had been sent an email hoax relating to COVID-19, with 22 percent also being targeted by text or SMS. Even when refunded, the average amount of money stolen by cybercriminals was $1,174.

53 percent of those surveyed believe it is the job of the banks to protect them, compared with 40 percent that believed it was their own responsibility.

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