New York
20 July 2016
Reporter: Becky Butcher

Smaller institutions targeted by cyber, says Beazley

There was a sharp increase in hacking and malware attacks on financial institutions in H1 2016, with the majority aimed at small banks and credit unions, according to a new Beazley report.

The report, Beazley Breach Insights—July 2016, found that the number of hacks in the healthcare, higher education and retail sectors remained fairly consistent, compared to 2015.

However, among financial institutions, hacking and malware accounted for 43 percent of breaches handled by Beazley, compared to 27 percent in the same period in 2015.

Of those financial institutions that experienced hacking and malware breaches, 81 percent were banks and credit unions with less than $35 million in annual revenues, compared to 54 percent last year.

During the first half of the year, Beazley managed 955 data breaches on behalf of its clients, compared to only 611 during the same period last year.

Out of the total, 139 of those breaches were aimed at financial institutions with revenues below $35 million.

Katherine Keefe, global head of Beazley Breach Response Services, commented: “The persistent high levels of hacking and malware attacks are a reminder that all organisations in all industries need to have plans ready to respond when a breach occurs.”

“The large increase we’ve observed in hacks aimed at financial institutions is noteworthy. Smaller banks and credit unions that typically have fewer defences against these breaches are becoming bigger targets and need to be prepared.”

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