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Recently published research suggests that the cost-of-living crisis in the UK is expected to fuel a surge in cybercrime. More than a third (38%) of cyber security professionals in the country’s finance sector anticipate a rise in phishing or social engineering attacks due to the economic downturn and the resulting financial hardships faced by employees.
A study conducted by UK cyber security firm Bridewell reveals a worrisome trend, with incidents of employee sabotage increasing by 63% over the past 12 months. This has now become the most significant threat to IT security, as identified by 25% of cyber security heads at finance firms.
Despite this concerning outlook, the majority (62%) of finance firms have experienced reduced IT security budgets due to the economic downturn. This poses a challenge for Bridewell and other cyber security firms, as they strive to convince financial institutions to maintain adequate investments in security while facing an elevated risk landscape amid diminished profits.
Emma Leith, Director of Consulting at Bridewell, highlighted the growing efforts of cyber criminals to exploit vulnerable individuals within financial services organizations. This includes deliberate or negligent employee actions as well as sophisticated social engineering techniques, all motivated by financial gain. To address this mounting threat, Leith emphasized the need for organizations to sustain robust cyber defenses. This entails comprehensive measures such as system monitoring, patching, and testing, strong access controls, user behavioral monitoring, continuous staff awareness initiatives, and effective data loss prevention measures to mitigate the impact of insider attacks.
The survey, which involved 500 cyber security professionals in the UK, including several from the finance sector, underscores the urgency for financial institutions to prioritize cyber security amidst the economic challenges they face.
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