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The Fortune 1000 will face significant cyber-loss events in future and will see costs mount up. According to a new research paper by the Cyentia Institute, it is estimated that one in four Fortune 1000 businesses will suffer a cyber-related loss event, whilst there is a 6% chance that a Fortune 1000 firm will lose $100m or...
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Financial institutions could have prevented hundreds of millions of pounds worth of fraud over the past three years by implementing a simple payee-checking service online, a consumer rights group has claimed. Which? estimates that £1.1 billion has been lost to bank transfer fraud since 2017. In these cases, a scammer posing as a trusted entity...
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Last year’s data breach at the Desjardins Group will cost the co-operative far more than initially anticipated.  Original estimates by the Quebec-based financial institution set the cost of recovering from the breach at $70m. The co-operative has now said that the final breach bill is likely to be $108m.  The data breach was intentionally carried...
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New research released yesterday by the Ponemon Institute reveals a dramatic increase in both the frequency of insider threats and their financial cost to businesses since 2018.   The report, “2020 Cost of Insider Threats: Global,” shows that the average global cost of insider threats rose by 31% in two years to $11.45m, and the frequency of incidents spiked...
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Equifax could end up paying as much as $9.5bn following a data breach settlement branded one of the largest in history by its presiding judge. The credit reporting giant suffered a major cyber-attack in 2017 after hackers exploited an unpatched Apache Struts vulnerability, compromising highly sensitive personal and financial information on around 148 million customers....
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