Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Technology

One in ten financial organisations take over a month to fully recover from a ransomware attack, finds Veritas Technologies survey

Published : , on

29% of banks also admit to paying the full ransom after a ransomware attack

One in ten (11%) finance companies would take over a month to fully recover from a successful ransomware attack, finds research conducted byVeritas Technologies,  a global leader in data protection, availability and insights. Meanwhile, one in 30 financial organisations believe they would never fully recover from a successful ransomware attack.

This spells bad news for banks, given the banking and finance industry is the third most likely sector to be hit by ransomware attacks, according to the global research. Over three-fifths (63%) of financial organisations have been hit by a ransomware attack, compared to an average of 42% across all industries. Of those financial businesses hit by an attack, a third (29%) paid the full ransom.

Across all sectors, businesses are turning towards to cloud services for digital transformation. The research revealed that the growing cloud complexity is leaving companies at risk in ransomware attacks.

Despite this, the banking and finance industry is not placing high importance on assessing its ransomware disaster recovery plans. Close to one in ten (7%) have never even tested their disaster recovery plan. While, nearly 40% of companies in this sector admit that it’s been over three months since they last tested their plans, below the global business average of 31%.

COVID-19 has, however, seen banks increase their IT security budgets, with over half (57%) noting an increase. Across industries, this is 10% higher than the average of 46%.

Matthew Banks, Senior Enterprise Technical Manager at Veritas Technologies said: “Financial organisations and banks will always be targets for hackers due to its implicit wealth as well as the valuable private and financial data they hold. And we’ve seen the impact that a successful ransomware attack can have on businesses..

“The banking and finance industry currently has the third simplest cloud structure of all the industries surveyed, with only 6% using over 20 cloud services. However, with more organisations in the sector expected to utilise cloud solutions to help their businesses adapt to the world of digital baking and the evolving demands of the customer, IT leaders must understand how best to manage complex cloud infrastructure. Investment must be made into IT security and disaster recovery plans must be put in place, and constantly tested and adapted. Failing to prepare and failing to keep pace with growing cloud complexity is already leaving the financial sector open to attack.”

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post