For some years now, Cloud adoption has been steadily on the rise across the UK's Finance sector, with organisations including banks, insurers, and investment firms phasing out increasingly cumbersome legacy systems in favour of more scalable, agile, and cost-effective infrastructure. Indeed, more than 48% of UK banking services are now built on Cloud infrastructure.
The UK's Legal sector must contend with some of the most stringent compliance and data protection obligations in the current digital landscape. For many years, this has hindered the progress of digital transformation initiatives within firms, but in recent years, in order to meet the challenges of COVID-19, many firms have seized the opportunity to modernise cumbersome legacy systems and develop cutting-edge IT infrastructure that enables their staff to work more flexibly.
In light of recent geopolitical events, and the increased threat to corporate infrastructure, organisations across the UK must assume that they will be forced to contend with a cyber-attack in the near future and prepare accordingly. Indeed, the NCSC has already set out its own guidance to help organisations bolster their defences, which we strongly advise you to read and implement.
In spite of the ongoing evolution of cyber security processes and technology, human error is still responsible for 95% of data breaches1. Phishing attacks alone represent a particularly insidious risk, with 91% of organisations experiencing a successful attack in 2021 alone2.
In a heightened cyber threat landscape - where ransomware attacks are increasing in frequency and sophistication - and having weathered the challenges of COVID-19 and the resulting move to hybrid working, the Finance sector is still continually challenged to demonstrate to its customers that critical services will remain available no matter what, and that sensitive financial data will remain fully secure at all times.
Passwords are often more associated with individual and consumer cyber security, but they are an essential part of an organisation's overall security posture. For example, you wouldn't leave the windows open overnight as this would allow easy access into the building for thieves. In the same way, a weak password offers cyber attackers easy access to your corporate infrastructure, after which they can use these credentials to escalate permissions until they granted themselves administration privileges, at which point the risk of financial and reputational damage becomes truly serious!
The finance sector is required to have one of the most sophisticated cyber security postures in the world, with bureaus, banks, finance companies and insurers working closely with their technology partners to ensure sensitive financial data is managed, stored and transferred, with a stringent range of international security standards that must be adhered to at all times. However, cyber criminals have demonstrated repeatedly that they are constantly working to breach even the most sophisticated security ecosystems, devising new ways to exploit both technological vulnerabilities and human error.
In recent weeks, companies across the UK have found themselves transitioning to a remote workforce with little to no choice, despite the approach prev...
Now more than ever, digital security is a team effort, with staff at all levels of an organisation having an active part to play in keeping critical b...