According to a recent Netwrix report, 77% of financial organizations detected a cyberattack in the last year, compared to 68% in other industries. Phishing and ransomware were the most common types of attacks across all sectors.

The financial sector also experiences more targeted attacks on their IT infrastructure than other sectors. Thirty-nine percent of financial organizations reported targeted attacks on their cloud infrastructure and 26% suffered targeted attacks on their on-premises footprint.

Twenty-four percent of financial organizations estimated their damage from incidents to be at least $50,000, compared to 16% among organizations overall. To mitigate this risk, 73% of respondents in the financial sector either have a cyber insurance policy or plan to acquire one within the next 12 months, compared to 59% of organizations in other industries.

However, given the sector's risk profile, insurance companies impose stricter security requirements on financial organizations: 49% of them needed to improve identity and access management (IAM) and 48% had to comply with privileged access management (PAM) requirements, compared to 38% and 36%, respectively, in other sectors.

Read the full report here.