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Most insurers, banks saw cybercrimes grow during past year

While the rate of cybercrimes was growing, budgets for IT, fraud and risk departments were cut by more than a quarter.

“Attackers are building increasingly advanced capabilities to target core banking systems and becoming more aggressive, harming victims’ ability to respond to attacks. Online criminals have reacted fast, adapting their approach to hunt out remote working security gaps and prey on the vulnerable,” Adrian Nish, of BAE Systems, said. (Credit: Oleksii/stock.adobe.com) “Attackers are building increasingly advanced capabilities to target core banking systems and becoming more aggressive, harming victims’ ability to respond to attacks. Online criminals have reacted fast, adapting their approach to hunt out remote working security gaps and prey on the vulnerable,” said Adrian Nish of BAE Systems. (Credit: Oleksii/stock.adobe.com)

Since the onset of the pandemic, nearly three-quarters of insurers and banks have experienced an uptick in cybercrime, according to a survey by BAE Systems.

When it comes to the reason for the surge, 42% of respondents said remote-work models put in place during the pandemic have made for a less secure situation. Additionally, 44% said work-from-home arrangements make it hard to detect holes in network security.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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