Phishing, ransomware are top cyberattacks on financial services firms

Phishing and ransomware attacks are the most reported types of cyberattacks on financial services firms, but in most cases the causes of outages were far more mundane.

Financial services firms reported 819 cyber incidents to their watchdog, the Financial Conduct Authority (FCA), last year, a huge rise on the 69 incidents reported the year before.

Retail banks were responsible for the highest number of reports to the regulator – 486 – followed by wholesale financial markets on 115 reports, and retail investment firms on 53, according to the results of a freedom of information request submitted by audit and consulting firm RSM.

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Source: ZDNet