Logblog: Finanical Institutions Face Surge In External Attacks

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Finanical Institutions Face Surge In External Attacks

Deloitte's latest Global Security Survey says that the world's largest financial institutions have faced a surge in the number of security attacks over the past year, particularly from external sources.

You can download a copy or, here are some of the highlights - all of which point to the need for next generation log management and intelligence solutions.

More than three-quarters (78 percent, up from 26 percent in 2005) of respondents confirmed a security breach from outside the organization and almost half (49 percent, up from 35 percent in 2005) experienced at least one internal breach.
The top three most common attacks over the past 12 months included ones intended to extort some form of monetary gain. Phishing and pharming were employed for more than half (51 percent) of external attacks, followed by spyware/malware (48 percent).
Insider fraud (28 percent) and customer data leaks (18 percent) were cited by respondents among the top three most common internal breaches. Ninety-five percent of participants indicated their information security budget grew over the past year.
Almost three-quarters (72 percent) of financial institutions who experienced a security breach indicated the estimated amount of damage for the organization, including direct and indirect costs, was in the range of US $1 million.
83 Percent Fear the Enemy Within: Despite the publicity received by external security threats, attacks from within are a great risk. In fact, among the TMT companies whose security was breached in the last 12 months, half were attacked from inside the company. Less than half (47 percent) of respondents said they were very confident that their infrastructure is property protected against internal attacks, as opposed to almost two-thirds (63 percent) for external attacks. The vast majority of TMT companies (83 percent) said they are concerned about employee misconduct involving information systems.

Posted June 27, 2006 in Blinks , Compliance , Log Management & Intelligence , Risk Management , Security | Permalink