Polish companies confirm significant financial losses caused by online scams

According to research carried out by IDG on behalf of F5 Networks among more than 100 decision-makers from IT departments in the financial services sector in Poland, Great Britain, France, Germany, Italy, Spain, the Netherlands, Sweden, United Arab Emirates and Saudi Arabia, 60% of respondents suffered losses in the amount of 70,000 to even EUR 1.4 million.

  • Over half of the surveyed companies from Poland, Great Britain, Germany, France, Italy, Spain, the Netherlands, Sweden, the United Arab Emirates and Saudi Arabia confirm the significant financial losses caused by online fraud in the last two years.
  • 73% indicated a loss of reputation as a significant threat.
  • The scale and complexity of crimes means the necessity to implement more advanced security solutions, enabling multi-layer detection and protection against threats in the application layer and on mobile devices.
  • Large companies prefer hybrid solutions, that is using local security technologies and simultaneously cooperating with the service available in the cloud.

The test also indicates that:

  • 8% of surveyed companies have suffered financial losses in the amount of PLN 70,000 in the last two years as a result of internet crime. up to 700,000 euro, 9% of them lost over 700,000 euro, and 3% over 1.4 million euros.
  • 72% of respondents are afraid of financial losses and the need to conduct a broad security audit.
  • 73% are afraid of losing the reputation of the organization, loss of trust and loyalty of clients (64%) and potential penalties imposed by regulatory authorities (62%).

"Financial organizations are constantly exposed to various types of attacks, such as phishing, Man-In-The-Middle attacks, Man-In-The-Browser, code injection, taking over forms, page modifications or transactions," says Gad Elkin, EMEA Security Director at F5. "Therefore, understanding the nature of the threat and implementing solutions that eliminate attacks before doing significant damage has become more important than ever before. Those organizations that solve this problem will enjoy customer trust and achieve higher profits. Other organizations will be exposed to financial losses and loss of reputation. "

Over 35% of respondents said their organizations were victims of online scams, such as:

  • Malicious software - 75%,
  • Phishing - 53%
  • Theft of login data - 53%
  • Interception of web sessions - 35%.

Regarding defense strategies:

  • 7% of respondents said they were protected from online scams using hybrid solutions that combine on-premise solutions (protection inside the organization) and off-premise (outside the organization).
  • This approach is even more popular (59%) among organizations employing over 5,000. people.
  • 55% of respondents say they have implemented multi-layered fraud prevention solutions.
  • The most popular technologies are embedded at the level of user interface with the web application (62%), navigation analysis on the website to identify suspicious traffic (59%) and analysis of relationships between users, accounts and devices to detect suspicious behavior (59%). Equally popular are solutions based on user behavioral analysis (55%).
  • The majority of budget expenditures were earmarked for protection against fraud at the application layer (52%) and mobile devices (36%).

Elkin explained why there is a growing need for fraud protection solutions, but not forcing additional user applications to be installed. They allow organizations to protect every device in real time, against all types of online threats and without the need to install additional software by the user. This model also includes protection against the recently emerging software type Dyre, which is currently one of the most dangerous banking Trojans.

"Scammers will continue to look for the possibility of hitting the weakest link - the end user," Elkin adds. "Organizations are good at protecting data centers or protecting applications on the server side, as well as introducing multi-level authentication. However, many organizations still fail to secure the point where the user comes into contact with the web application. "

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