In light of recent reports of poorly handled cyber-security breaches, many European companies, banks in particular, are looking for ways to assess and implement new strategies to thwart a potential cyber attack and restore public trust.
A recent European Commission cyber-security survey points out that in today’s digital landscape, banks remain the most vulnerable and these institutions need to invest more resources in cyber security protections. The EC’s annual Eurobarometer Cyber Security Survey reveals that roughly 85 percent of participants fear that their personal information can be easily compromised and believe that the risk of cyber crimes are increasing across the European Union. Sixty-three percent of respondents claim that online banking fraud remains a top concern.
Against this backdrop, when compared to other neighboring countries, Britain lags behind in cyber-security risk management and ranks as one of the worst European countries for dealing with identity theft and cyber fraud.
Earlier this week, the Financial Times reported that a major cyber security loophole exists at one of Britain’s top banks. The bank, which was not named in the article, carries roughly 22 critical vulnerabilities that were previously identified, but the institution neglected to address these risks. Currently, the loophole provides potential hackers with unrestricted access to customer accounts.
The banking industry has taken a serious hit by hackers in recent months. In February, a hacking scheme orchestrated by a gang of Russian-based hackers, infiltrated a few British banks and resulted in tens of millions of pounds being lost. It is believed that the electronic raid occurred when hackers tapped into the institution’s internal computer systems and gathered critical information, which was fed directly back to the group in Russia.