Financial Services Firms Operating Under False Sense of Security
- Written by Media Outreach
To find out more, please visit: https://www.trendmicro.com/explore/glrans
Trend Micro commissioned Sapio Research to poll over 355 financial services IT and business leaders across the globe, as part of a wider cross-industry report into ransomware.
It found that 75% believe they're adequately protected from ransomware, far higher than the average of 63% across all sectors.
This confidence is partly justified: 99% say they regularly patch servers, 92% secure remote desktop protocol (RDP) endpoints, and 94% have rules in place to mitigate risks from email attachments.
However, 72% of respondents admitted their organisation has been compromised by ransomware in the past, and 79% see their sector as a more attractive target for threat actors than others.
This awareness of current threat levels in the financial services sector does not always translate into action.
Around two-fifths do not use network detection and response (40%) or endpoint detection and response tools (39%), and half (49%) don't have extended detection and response (XDR) in place.
This may account for poor detection rates for activity connected with ransomware. Only a third (33%) say they can accurately spot lateral movement, and 44% initial access.
Trend Micro also uncovered significant third-party cyber risk for financial services organisations:
- 56% have had supplier compromised by ransomware, mostly partners (56%) and subsidiaries (29%)
- 54% believe their suppliers make them a more attractive target
- 52% say a significant number of their suppliers are SMBs, who may have less resource to spend on security
A quarter (24%) of financial services firms don't share any threat information with their partners, 38% do not do so with suppliers, and even more (42%) don't engage with the broader ecosystem, according to the research.
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