The finance industry is experiencing a significant decline in cyber attacks, with reported incidents dropping by 53% in 2024 compared to the previous year. The Financial Conduct Authority (FCA) received 101 incident notifications from regulated firms between January 1 and October 21, 2024, a notable improvement attributed to stricter regulations and increased investment in artificial intelligence (AI) and machine learning for cybersecurity.
Data breaches related to cyber incidents decreased by 29%, and attacks against third-party providers fell by 37%. This trend aligns with the FCA's efforts to enhance operational resilience among financial institutions, requiring firms to establish impact tolerances and conduct crisis simulations.
Haris Pylarinos, CEO of Hack The Box, expressed optimism about the downward trend in reported attacks, highlighting the importance of preparedness in maintaining business operations. He emphasized the need for firms to empower cybersecurity leaders and invest in realistic crisis training.
Despite the positive statistics, experts warn that the sophistication of cyber-attack methods is increasing, necessitating continuous development of proactive security measures. Lucas Kello from the University of Oxford cautioned against complacency, urging financial firms to combine advanced security tools with effective incident response strategies to mitigate risks.