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Comment from Mark Adams, Veeam: McAfee threat report - 20% rise in FS data breaches

December 2018 by Mark Adams, Regional Vice President of UK & Ireland, Veeam

Following the release of McAfee Lab’s latest threat report, which found that there has been a 20% rise in data breaches within the financial sector this year, please find reaction from Mark Adams, Regional Vice President of UK & Ireland at Veeam below. Comment attributed to Mark Adams, Regional Vice President of UK & Ireland, Veeam

“It’s unsurprising to see that breaches have increased by 20% in the financial sector… it’s been a troublesome year for the industry. Cybercriminals know that targeting these firms can make for incredibly lucrative work. Several consumer banks have found this out the hard way in 2019, with their own unfortunate incidents proving to be incredibly costly to both their finances and their reputation. With GDPR now in full swing, hefty fines from the ICO are always waiting around the corner for those who don’t adhere to the regulations around personal data. Securing and managing data intelligently has therefore never been more important; what was an IT issue is now a matter for the boardroom.

“In 2019, we would expect more financial companies to increase spending on cybersecurity and data management tools that can spot possible irregularities and help staff act accordingly. I think there will be greater scrutiny of service level agreements with managed services companies and that includes cloud vendors. “What we’ve also seen this year are state-sponsored attacks that are concentrated on specific companies. This doesn’t look like it is going away. Relying purely on security tools has proven to no longer be enough, so it will take a combination of services and tools to combat such determined attacks.

“Whilst it might have felt tempting in the past to overlook certain data management-focused tools because they seemed too costly or excessive, it does appear that the tide is turning. Financial firms and the wider business sector have learnt from the breaches and attacks, and are more willing to explore more diligent ways of protecting and organising personal data, and data more broadly. When it comes to responding to data breaches you will never have as much time as the attacker had to plan it, so being overly prepared for the absolute worst is key to keeping brand trust high.”

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