Finance

finance Finance sector ‘wide open’ to cyberattack boom due to rise in remote working, experts warn

The finance sector is in danger of a surge in cyber-attacks due to a sharp rise in staff using unsecured networks for work, experts have warned.

Employees are increasingly using unsecured public WiFi hotspots while working, leaving businesses “extremely vulnerable” to hackers, they fear.

Leading national business group The Federation of Small Business (FSB) and UK cyber security specialist Linten Technologies said the emergence of remote working and the convenience of public networks made cyber-breaches “incredibly simple” to achieve.

“You are never far from an unsecured network - whether at a hotel, café, train station or airport,” says Robert Downes, FSB development manager for Greater Manchester.

“Combine that with remote working pushing more financial service employees onto unsecured networks, and the concern is businesses across the UK are leaving themselves wide open to cybercrime.

“Many employees just don’t realise just how risky public WiFi access points are, but they are very easily hacked and make using them a no-no. The simple analogy I’ve heard from experts before is that if you found an open bottle of beer on the bar on a night out, you wouldn’t dream of drinking it just because it’s there. The same goes for free Wi-Fi.”

PwC’s Remote Work Survey revealed 61% of CFOs in the financial sector were planning to make remote working “permanent for roles that allow it”, while the number of worldwide public Wi-Fi hotspots is expected to reach 628 million in 2023.

The financial services industry is one of the most vulnerable - and targeted - industries for cybercrime through unsecured networks.

In 2018, financial services industry incurred the most cybercrime costs at £16million ($18.3 m).

On average, a financial services employee has access to nearly 11m files the day they walk in the door. For large organisations, employees have access to 20m files.

In 2020, IBM published a report stating that the average cost of a financial services data breach is now £5m ($5.85m).

“The risk to financial services companies is huge,” says Steven Allan, CEO and founder of Manchester-headquartered IT services provider Linten Technologies.

“With 44% of UK adults believing that public Wi-Fi is ‘safe’, the use of unsecured networks is literally giving cybercriminals the keys to the kingdom.

For more information on cyber security advice, contact www. linten.co.uk

Insurance brokers shortlisted in prestigious industry awards

Carlisle-based H&H Insurance Brokers has been named as a finalist in the 2022 Insurance Times Awards in the Independent Broker of the Year category.

The winner will be announced at an awards ceremony held at London’s Grosvenor House on Thursday, December 8.

Paul Graham, Managing Director of H&H Insurance Brokers, said: “We’re absolutely delighted to have been shortlisted for such a prestigious industry award.

“It’s testament to the hard work of our team who go above and beyond to deliver a first class, personal service to our clients.

“As a regional broker, we’re making an impact on a competitive national market by launching new products and services which benefit our clients and reflect our ongoing commitment to leading the broking sector, not following it.”

H&H Insurance Brokers, which operates across the North of England, the Scottish Borders and Wales, arranges a broad portfolio of insurance for clients in all types of businesses across sectors including agriculture and rural, commercial, property, and tourism and hospitality.

Over the past year, the firm has launched the market leading H&H Distinction, a bespoke and exclusive brand developed in partnership with insurance giant Aviva, and partnered with financial planning specialists Sage Wealth Management to launch a wealth management service.