cyberattackThe PricewaterhouseCoopers (PwC) 2014 Global State of Information Security Survey revealed a rise in economic cybercrime, especially against the Financial Services segment, and the trend is expected to continue.  You can view the survey here.

This year’s survey shows that security breaches have increased 25% over the previous year, to an average of 3,741 detected incidents per survey respondent, while the average cost is up 18% to $531 per security incident – that averages to $2 million per year in data breach costs per respondent!

The key findings of the survey: “While many have made significant security improvements, most companies are still falling behind today’s determined adversaries.”

The Financial Services sector is a specific focus for hackers, according to the survey. Financial Services reported 39% of total attacks and experiencing a whopping 169% increase in detected incidents over last year — six times the growth of the overall study.

The survey found that while leadership in the Financial Services sector is confident that they have security measures in place to lower risk, in reality, tools to protect assets and data are unlikely to be up-to-date.

“Despite the potential consequences, many respondents do not adequately safeguard their high-value information.”

The numbers show that 52% of respondents lack behavior monitoring and profiling, 42% do not have adequate data loss prevention tools in place and 31% have failed to implement monitoring and analysis of security intelligence.

EdgeWave is on the leading edge of internet and data security solutions for the Financial Services sector. Visit www.edgewave.com, or call 1-800-782-3762 to see how your can protect your high-value information from cybercrime.