July 16, 2019
One in Two Retail and Financial Service Organizations Fell Victim to Malware Attacks in the Last Year
Posted December 13, 2012
ThreatMetrix Study Finds Malware, Trojan and Phishing Attacks, Lost or Stolen Mobile Devices and Data Breaches Among the Most Common IT Security Attacks
San Jose, CA – December 13, 2012 – ThreatMetrix™, the fastest-growing provider of integrated cybercrime prevention solutions, today announced the results of the ThreatMetrix 2012 State of Cybercrime study, which surveyed U.S. business managers and IT executives within retail and financial services organizations. Results show that 45 percent of these organizations experienced a cybersecurity attack in 2012.
Malware, Trojan and phishing attacks, lost or stolen mobile devices and data breaches were among the most common IT security attacks experienced by retail and financial institutions. According to ThreatMetrix, these attacks are also the most disruptive due to the sophistication of the Trojans used in these attacks.
“We’ve seen a trend this past year where fraudsters who have traditionally attacked larger financial institutions are now working their way down to less protected organizations,” said Andreas Baumhof, chief technology officer, ThreatMetrix. “Due to the fact that these Trojans are readily available, fraudsters utilize the same sophisticated Trojans used on banks and financial institutions to attack online retailers, smaller payment processors and government entities. While banks are more familiar with these types of attacks, less sophisticated organizations are less prepared and typically do not have the right tools in place to defend themselves.”
According to the study, a combination of both company and consumer data is compromised during security breaches. Despite this, less than one in five respondents made significant changes to their IT security systems as a result of an attack. Even more alarming, nearly a third of organizations continued as normal following an attack. According to Baumhof, regular updates must be made to cybersecurity platforms every year to keep the technology relevant.
“Cybersecurity and fraud prevention too often seem like insurance – once a company implements a strategy, it is never thought of again unless an attack occurs,” said Baumhof. “Even after an attack, company owners think if they’ve operated a business for ten years as is, they do not need to change their security solutions now. The fact is, once an attack has happened, cybercriminals will keep coming back if significant changes are not made to your cybersecurity platform. The question is not if they will come back, but when.”
Understanding the frequency at which these cybersecurity threats occur allows companies to build an efficient security infrastructure to protect against them. In addition, implementing a holistic cybercrime strategy, rather than just utilizing one or two security features, can help better protect companies from malware, account takeover and other threats.
For more information on this study, download the full report at: http://info.threatmetrix.com/ThreatMetrix_Security_Online_Fraud_Prevention.html
About Info-Tech Research Group
With a paid membership of over 28,000 members worldwide, Info-Tech Research Group is the global leader in providing tactical, practical information technology research and analysis. Info-Tech Research Group has a 14-year history of delivering quality research and is North America’s fastest-growing, full-service IT analyst firm. For more information, visit www.infotech.com or call 1-888-670-8889.
ThreatMetrix®, The Digital Identity Company®, is the market-leading cloud solution for authenticating digital personas and transactions on the Internet. Verifying more than 20 billion annual transactions supporting 30,000 websites and 4,000 customers globally through the ThreatMetrix Digital Identity Network®, ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain and lower fraud and operational costs. The ThreatMetrix solution is deployed across a variety of industries, including financial services, e-commerce, payments and lending, media, government and insurance.
Walker Sands Communications