FI security vulnerabilities rise 400 per cent
Written by Anthony Strzalek
The number of security vulnerabilities detected in the financial services sector has increased by over 418 per cent in the last four years, according to new research.
The figures, released by cyber security and risk mitigation firm NCC Group, found that security vulnerabilities detected within the sector has increased dramatically in recent years, rising from an average per organisation of 217 in 2013 to 910 in 2016.
NCC Group analysed vulnerabilities found in 168 financial services organisations using a number of different scanning methods.
Of the issues marked as high and medium risk, 25 per cent were web application framework vulnerabilities within the software designed to support the development of web applications including web APIs, services and resources. This number has increased almost five-fold since 2013.
David Morgan, executive principal at NCC Group, said: “Although the type of scan used can impact the detection of vulnerabilities in certain categories, the sheer size of the increase in web application framework issues means that the rise can’t be entirely attributed to this.
“The sector is increasingly taking a digital-first approach to better engage with customers, and a consequence of this is organisations will be exposed to an increased number of security vulnerabilities, so it’s important that they are aware of the risks.”