Security Magazine logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Security Magazine logo
  • NEWS
    • Security Newswire
    • Technologies & Solutions
  • MANAGEMENT
    • Leadership Management
    • Enterprise Services
    • Security Education & Training
    • Logical Security
    • Security & Business Resilience
    • Profiles in Excellence
  • PHYSICAL
    • Access Management
    • Fire & Life Safety
    • Identity Management
    • Physical Security
    • Video Surveillance
    • Case Studies (Physical)
  • CYBER
    • Cybersecurity News
    • More
  • BLOG
  • COLUMNS
    • Cyber Tactics
    • Leadership & Management
    • Security Talk
    • Career Intelligence
    • Leader to Leader
    • Cybersecurity Education & Training
  • EXCLUSIVES
    • Annual Guarding Report
    • Most Influential People in Security
    • The Security Benchmark Report
    • The Security Leadership Issue
    • Top Guard and Security Officer Companies
    • Top Cybersecurity Leaders
    • Women in Security
  • SECTORS
    • Arenas / Stadiums / Leagues / Entertainment
    • Banking/Finance/Insurance
    • Construction, Real Estate, Property Management
    • Education: K-12
    • Education: University
    • Government: Federal, State and Local
    • Hospitality & Casinos
    • Hospitals & Medical Centers
    • Infrastructure:Electric,Gas & Water
    • Ports: Sea, Land, & Air
    • Retail/Restaurants/Convenience
    • Transportation/Logistics/Supply Chain/Distribution/ Warehousing
  • EVENTS
    • Industry Events
    • Webinars
    • Solutions by Sector
    • Security 500 Conference
  • MEDIA
    • Videos
      • Cybersecurity & Geopolitical Discussion
      • Ask Me Anything (AMA) Series
    • Podcasts
    • Polls
    • Photo Galleries
  • MORE
    • Call for Entries
    • Classifieds & Job Listings
    • Continuing Education
    • Newsletter
    • Sponsor Insights
    • Store
    • White Papers
  • EMAG
    • eMagazine
    • This Month's Content
    • Advertise
  • SIGN UP!
Security NewswireCybersecurity NewsBanking/Finance/Insurance

America’s Financial Industry Highly Susceptible to Data Breaches

cyber 3 responsive default
August 4, 2016

75% of the top 20 U.S. commercial banks (by revenue) are infected with malware, according to SecurityScorecard’s 2016 Financial Cybersecurity Report.

Among the report’s findings:

The U.S. Commercial bank with the lowest security posture is one of the top 10 largest financial service organizations in the U.S (by revenue).

  • Only one of the top 10 largest banks, Bank of America, received an overall ‘A’ grade.
  • 95 percent of the top 20 U.S. commercial banks (by revenue) have a Network Security grade of ‘C’ or below.
  • 75 percent of the top 20 U.S. commercial banks (by revenue) are infected with malware and a number of malware families were discovered within these banks, including Ponyloader, and Vertexnet
  • Nearly 1 out of 5 financial institutions use an email service provider with severe security vulnerabilities
  • The best performing Investment Banks in IT Security include Goldman Sachs, Exchange Bank, BNP Paribas Fortis and Banco Popolare.

Each U.S. financial organization was evaluated based on their overall security hygiene and security reaction time compared to their industry peers. SecurityScorecard also analyzed the specific security ratings of Scottrade, Bangladesh Bank, and CharlesSchwab, all of which fell victim to data breaches recently. The analysis provides details on the data breaches as part of a holistic view on the financial industry’s vulnerability to attacks.

Additionally, SecurityScorecard found third party vendors and partners that provide essential services to the financial services industry also pose some of the greatest security risks.

“As banks continue to grow through acquisition, legacy IT systems and their vulnerabilities are also acquired. In many cases, they remain in place for years,” said Sam Kassoumeh, a cybersecurity expert with more than 10 years’ experience and COO and Co­-Founder of SecurityScorecard.

“Despite major financial institutions spending billions of dollars on cybersecurity annually, this report suggests the financial industry may not be spending those dollars as effectively as possible. A greater level of protection is required, which should be a concern for their customers and partners.”

“Financial companies rely on data exchanges with other vendors and may have limited visibility into the cyber risk associated with these transactions. As cybercriminals find new ways to attack, breach, and exploit organizations, threat patterns such as phishing, spear-phishing, and social engineering evolve and become more sophisticated. Financial organizations need solutions that assess vulnerabilities continuously and have the ability to see risks and vulnerabilities before a breach takes place,” said Dr. Luis Vargas, Sr. Data Scientist at SecurityScorecard.

http://info.securityscorecard.com/2016-financial-cybersecurity-report

KEYWORDS: cyber security data breach malware

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • Security's Top Cybersecurity Leaders 2024

    Security's Top Cybersecurity Leaders 2024

    Security magazine's Top Cybersecurity Leaders 2024 award...
    Security Leadership and Management
    By: Security Staff
  • cyber brain

    The intersection of cybersecurity and artificial intelligence

    Artificial intelligence (AI) is a valuable cybersecurity...
    Cybersecurity
    By: Pam Nigro
  • artificial intelligence AI graphic

    Assessing the pros and cons of AI for cybersecurity

    Artificial intelligence (AI) has significant implications...
    Logical Security
    By: Charles Denyer
Subscribe For Free!
  • Security eNewsletter & Other eNews Alerts
  • eMagazine Subscriptions
  • Manage My Preferences
  • Online Registration
  • Mobile App
  • Subscription Customer Service

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Security audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Security or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Crisis Response Team
    Sponsored byEverbridge

    Automate or Fall Behind – Crisis Response at the Speed of Risk

  • Perimeter security
    Sponsored byAMAROK

    Why Property Security is the New Competitive Advantage

  • Duty of Care
    Sponsored byAMAROK

    Integrating Technology and Physical Security to Advance Duty of Care

Popular Stories

Pills spilled

More than 20,000 sensitive medical records exposed

Laptop in darkness

Verizon 2025 Data Breach Investigations Report shows rise in cyberattacks

Coding on screen

Research reveals mass scanning and exploitation campaigns

White post office truck

Department of Labor Sues USPS Over Texas Whistleblower Termination

Computer with binary code hovering nearby

Cyberattacks Targeting US Increased by 136%

2025 Security Benchmark banner

Events

May 22, 2025

Proactive Crisis Communication

Crisis doesn't wait for the right time - it strikes when least expected. Is your team prepared to communicate clearly and effectively when it matters most?

September 29, 2025

Global Security Exchange (GSX)

 

View All Submit An Event

Products

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

See More Products

Related Articles

  • smartphone1-900px.jpg

    More than 70 Percent of Mobile Devices on the Five Major US Carriers Highly Susceptible to Breach

    See More
  • Study Says Payment Card Industry Data Security Standards to Evolve Based on Continued Data Breaches

    See More
  • Global News

    Recent Data Breaches Hit Nearly 80% of Banks, Financial Accounts

    See More

Related Products

See More Products
  • facility manager.jpg

    The Facility Manager's Guide to Safety and Security

See More Products

Events

View AllSubmit An Event
  • March 6, 2025

    Why Mobile Device Response is Key to Managing Data Risk

    ON DEMAND: Most organizations and their associating operations have the response and investigation of computers, cloud resources, and other endpoint technologies under lock and key. 
View AllSubmit An Event
×

Sign-up to receive top management & result-driven techniques in the industry.

Join over 20,000+ industry leaders who receive our premium content.

SIGN UP TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing