Financial services cyber attacks see 180% increase in H1 2022

28 November 2022
| By Jasmine Siljic |
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Online threats against Australian financial services firms have almost tripled in the first half of 2022, according to software company Imperva. 

Imperva’s data stated that the financial services industry saw an 180% increase in targeted attacks during the first half of 2022, a tripled figure when compared to the second half of 2021. 

Targeted attacks increased from 989,360 in the second half of 2021 to 2.7 million in the first half of 2022.

As cybercriminals pursued account information, banking details and credit cards in particular, the lucrative nature of financial cybercrime left the industry at a higher risk. 

The report identified the two most common risks for the Australian financial services industry:

  • Automated threats carried out by software applications which ran harmful, automated tasks; and
  • Remote code execution that enabled attackers to run malicious malware in the intended device, then controlled remotely to access information.

Automated threats increased in frequency by almost seven times between H2 2021 and H1 2022, or 588%. Remote code execution saw a 127% increase during the same period.

Imperva also identified that across all industries, Australian organisations saw an 81% increase in cyberattacks during FY22. Following after financial sectors, retail and business were the next industries which experienced the most attacks. 

Reinhart Hansen, director of technology at Imperva, said: “Cybercriminals are targeting the personal data of Australians for financial gain - to sell, to hold to ransom, or to commit financial fraud and scams.”

He identified organisations unintentionally left more opportunities open to cybercriminals during pandemic lockdowns, due to rushed online implementations and projects

“These findings underscore the need for Australian financial services organisations to invest in security that better aligns with the modern data-driven enterprise,” Hansen added.

"Only by protecting data and all paths to that data can organisations truly defend their critical systems and maintain trust with customers, both of which are essential for success in the digital economy."

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