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Report shines light on cybercrime in financial services

A global telecommunications provider has released a new report that provides a first-hand look at cyber security investigations, including those involving the financial services sector.

Verizon Communications’ Data Breach Digest analyses 18 real world data breach scenarios from various countries, detailing how each cyber attack occurred, level of sophistication, “threat actors” involved and techniques used.

The report – which also recommended counter-measures – will help businesses and government organisations understand how to identify signs of a data breach, important sources of evidence and ways to quickly investigate, contain and recover from a breach, according to Verizon’s RISK Team.

“The research suggests that at any given time, the vast majority of incidents fall into a small number of actual breach scenarios,” Bryan Sartin, managing director of the RISK Team at Verizon Enterprise Solutions (a division of Verizon Communications), said.

“There is tremendous commonality in the breaches we see and investigate on behalf of our clients.”

In 2015, the Verizon RISK Team investigated more than 500 cyber security incidents in over 40 countries that involved commercial enterprises and government agencies.

[Related: ASIC warns industry on cyber security]

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