{"id":2712,"date":"2021-07-09T13:05:08","date_gmt":"2021-07-09T12:05:08","guid":{"rendered":"https:\/\/telecomkh.info\/?p=2712"},"modified":"2021-07-09T13:05:08","modified_gmt":"2021-07-09T12:05:08","slug":"cloud-based-threats-cost-financial-services-companies-an-estimated-4-2-million","status":"publish","type":"post","link":"https:\/\/telecomkh.info\/?p=2712","title":{"rendered":"Cloud-based threats cost financial services companies an estimated $4.2 million"},"content":{"rendered":"

Respondents cite cloud vulnerabilities, IoT attacks, and data manipulation as most worrisome future threats<\/strong><\/p>\n

Infoblox Inc., the leader in Secure Cloud-Managed Network Services, unveils new research into how the COVID-19 shutdowns challenged the financial services industry\u2019s core infrastructure. More than one year into the pandemic, banks, insurers, and other financial institutions report costly consequences to falling short of protecting their massive data troves from cloud-based attacks and network disruptions.<\/p>\n

Based on more than 800 responses from IT professionals working in the financial services industry in North America, Latin America, Europe and the Asia-Pacific region, the report highlights:<\/p>\n

\u2022 Data breaches are an increasingly significant cost burden for the industry<\/strong>: Worldwide, financial firms that experienced a data breach reported estimated average losses of roughly $4.2 million per attack, with U.S. organizations hit hardest at $4.7 million in estimated losses.
\n\u2022 Network outages also result in costly burdens<\/strong>: Institutions lose an estimated $3.2 million on average with Asia-Pacific followed by European institutions carrying the heaviest losses at $4.3 million and $3.1 million respectively.
\n\u2022 The industry remains a popular target for cloud-based attacks<\/strong>: Over half of all organizations (54%) surveyed suffered a data breach in the last 12 months with 49% plagued by a cloud malware attack as well.
\n\u2022 Cloud and network-based attacks will continue to be a major threat vector<\/strong>: More than 50% of respondents expect to face a combination of IoT attacks, cloud vulnerabilities including misconfigurations, and data manipulation attempts over the next 12 months.
\n\u2022 Threat resolution teams are embracing network visibility for security hygiene<\/strong>: Globally, network monitoring (76%), threat intelligence (64%), and threat hunting (57%) are considered the most effective mitigation tactics against these threats.<\/p>\n

\u201cThe financial services sector has long been a target for bad actors who are following the cyber money trail into the cloud,\u201d said Anthony James, VP of Product Marketing at Infoblox. \u201cAs the pandemic pushed IT infrastructures to rely on remote work, cloud-based technologies that enabled digital transformation also created soft spots for cyber criminals to exploit.\u201d
\n\u201cThis report shows us that cloud compromise has become the biggest cybersecurity issue for financial institutions and the investments they are making to protect themselves,\u201d James continued. \u201cNotably, respondents are starting to use DNS to catch network threats before they move upstream. This is reflected in the customer uplift we\u2019re seeing for our BloxOne Threat Defense platform, which uses DNS to extend security to cloud-first infrastructure and accelerates threat resolution by orchestrating detection and remediation tools from the existing security stack.\u201d<\/p>\n

Above, Anthony James, VP of Product Marketing at Infoblox \/ image credited to Infoblox<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Respondents cite cloud vulnerabilities, IoT attacks, and data manipulation as most worrisome future threats Infoblox Inc., the leader in Secure Cloud-Managed Network Services, unveils new research into how the COVID-19 shutdowns challenged the financial services industry\u2019s core infrastructure. More than one year into the pandemic, banks, insurers, and other financial institutions report costly consequences to … <\/p>\n

Continue reading \u00abCloud-based threats cost financial services companies an estimated $4.2 million\u00bb<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":2713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24],"tags":[],"_links":{"self":[{"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/posts\/2712"}],"collection":[{"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2712"}],"version-history":[{"count":1,"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/posts\/2712\/revisions"}],"predecessor-version":[{"id":2714,"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/posts\/2712\/revisions\/2714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/media\/2713"}],"wp:attachment":[{"href":"https:\/\/telecomkh.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}