The EQ Cyber Security Debrief 15.03.19
Each week at EQ Data we will be looking at the breaking news stories from the world of data and cyber security. From the latest cyber technology developments to data breaches and new marketing insights; you can find the debrief here.
Which? reveals best and worst banks for secure internet banking
2018 saw numerous IT glitches from popular UK banks which led to online security issues for customers, and in the worst cases, saw some fall prey to opportunist hackers. Perhaps with good reason, the latest Which? Review has investigated the security of customer-facing internet banking across the most popular UK banks. Which? tested the online banking offering across four areas; login identification, encryption, account management and navigation and logout. First Direct, HSBC and Barclays came out with high scores indicating that customers face stringent yet straightforward checks for account identification and additional verification for setting up new payments. Conversely, Metro came in last with an overall score of 52%. The report further noted that many of the banks were not implementing 2FA to add additional security for customers.
Government says boards are still failing in cyber security awareness
Cyber security awareness continues to be a major problem at board level for some of the biggest organisations in the UK. The Government’s Cyber Governance Health Check on FTSE 350 companies in 2018 has revealed that while the majority of companies have cyber security measures in place only 16% of board-level figures have a true appreciation of the impact and losses associated with cyber threats. Furthermore, only 57% of businesses routinely test their cyber security attack response plans. It is certainly positive that 96% organisations have a cyber strategy in place however the effectiveness of this is diminished if not everyone in the company is aware of the threats. As Gavin Cartwright, a cyber security expert at EY, said in the Government’s announcement, “cyber security is still not fully embedded in the culture of many of these companies.”
New Identity Breach Report finds 424% increase in cyber breaches over 2018
If there was any uncertainty as to the increasing pace of cyber threats, a new report from cyber security experts 4iQ has revealed over 12,000 new cyber breaches and leaks took place in 2018 which is a 424% increase from 2017. 4iQ’s Identity Breach Report: The Changing Landscape of Identities in the Wild, is a comprehensive study of cyber-attacks in 2018 as well as new trends in consumer data targets for hackers. The report saw a rise in circulation of “voter records” amongst cyber criminals, as election interference becomes more profitable, as well as a new trend for combining, “open and publicly available data sources with leaked or stolen data”, to create a more targeted profile of individuals. As many cyber security studies from 2018 have noticed, 4iQ reiterated the positive impact of GDPR on increasing cyber security awareness and reporting in companies.