Human Error: A Major Cyber Security Threat to the Financial Sector

As cyber crimes keep growing at an unprecedented rate, the financial sector has become one of the most targeted industries worldwide. An article published by Insider reports that financial institutions are 300 times more likely than other organizations to be targeted by a cyber attack. With their troves of valuable financial data and opportunities for massive financial gains, financial institutions serve as one of the most lucrative targets for cyber criminals today. According to a report by Accenture, the cost of cyber attacks is the highest in the banking industry, reaching $18.3 million annually per company.

Owing to the ever-evolving technology, cyber criminals have become adept at coming up with new and more sophisticated ways of breaching financial organizations. Often, humans are the weakest link in an institution's cyber security chain, making them vulnerable to cyber attacks. A silly mistake by even a single employee or the unintentional neglect of the cyber security policies enforced by the management can lead to devastating cyber attacks.

Major Cyber Attacks on Financial Institutions Due to Human ErrorAccording to a study by IBM, 95% of cyber security breaches are primarily caused by human error. While you can strengthen your IT infrastructure by investing in cutting-edge technologies, the human factor of an organization remains highly dynamic and unpredictable. This can prove to be a huge drawback for your organization.So, before we discuss the solutions, let's give you some examples of how human errors have brought down huge financial institutions.

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