Most Financial Hacks Brushed Under The Carpet, Say IT Pros

Duncan MacRae is former editor and now a contributor to TechWeekEurope. He previously edited Computer Business Review's print/digital magazines and CBR Online, as well as Arabian Computer News in the UAE.

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Survey reveals most companies are incessantly targeted by cyber attacks, with the public only told about a tiny number of security breaches

The details of devastating financial hacks reported by the media are just the tip of the iceberg, according to IT professionals.

A survey from Lieberman Software Corporation revealed that 87 percent of IT professionals believe large financial hacks are happening more often than reported, and right under the nose of security auditors.

Networks targeted

The study also found that more than half (51 percent) of IT professionals believe their corporate network is being targeted continuously by hackers. Meanwhile, 71 percent of respondents think that an Advanced Persistent Threat attack will attempt to breach their organisation in the next six months. The study was conducted at Microsoft Ignite in May 2015 and measured the attitudes of nearly 150 IT professionals.

data security breachPhilip Lieberman, CEO of Lieberman Software Corporation, said: “The fact that IT professionals believe that data breaches are occurring more frequently than reported is revealing. Due to today’s advanced cyber attacks, intruders are already within most IT environments, are undetectable, and have access to credentials on every compromised machine.

“Of course, it’s unlikely any company will ever willingly go public about a data breach because of the negative impact it can have on the organisation’s reputation and share price. However, this certainly does not mean keeping security incidents a secret is the right thing to do, particularly if customer data is involved.”

Thee study also revealed that 89 percent of respondents believe that recently announced US Federal Government cyber security sanctions provide a deterrent to cyber criminals. The referenced sanctions allow the US Government to enforce financial and travel restrictions on suspected cyber criminals.

Lieberman added: “The new sanctions are an excellent move to provide clarity and direction on how to take action against nation states and criminals who use cyber-space to achieve unlawful economic advantage against US commercial entities.

“I agree with the survey respondents that the changes will provide much needed relief for US companies victimised by state-sponsored cyber attacks, as well as clarity for US government agencies tasked with enforcing laws and treaties.”

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