A report reveals the extent of financial institutions experiencing a cyberattack, with nearly half reportedly experiencing one within the last 12 months.

Keeper’s 2019 Global State of Cybersecurity in Small and Medium-Sized Businesses report surveyed nearly 2,400 IT and IT security practitioners in the US, UK, the Germany-Austria-Switzerland region, Benelux, and Scandinavia. The survey concluded that 69% of financial institutions had been victims of cyberattacks.

77% of survey respondents said they felt that cyberattacks were becoming more targeted, with 64% saying they were becoming more severe and sophisticated.

Worryingly, half the respondents said they did not have a sufficient budget to combat these attacks and implement a strong cybersecurity system, with 47% not having any kind of plan in place for responding to an attack.

Data breaches in financial services resulted in an average of 7,095 customer and employee records lost or stolen, and cost an average of $1.06 million from the disruption of business operations.

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