KnowBe4’s new report finds that UK financial institutions face onslaught of cyberattacks at unprecedented rate

LEEDS, England, May 20, 2024 /PRNewswire/ — KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, today released its report on cyber threats faced by the financial sector in the UK. The report examines the escalating rise of cyberattacks on this sector, the tactics deployed by cybercriminals and what financial institutions should do to safeguard themselves and their employees.

The report shows that, in general, the financial sector in the UK is under constant attack and that it is grappling to keep pace with ever-evolving cyber threats. A clear urgency is emerging for financial institutions to adapt their security strategies for dealing with more sophisticated cyberattacks as banking is shifting towards being fully digital.

Some key findings in the report reveal a startling landscape of cyber threats:

• The frequency of ransomware attacks on the financial sector in the UK doubled in 2023, showcasing an alarming escalation.
• Phishing and Business Email Compromise (BEC) remain the top threats to organisations, which includes financial institutions.
• AI-driven deepfake audio impersonations are notably on the rise.
• For the first time, cyberattacks, and their potential to disrupt essential services, were perceived as an acute risk, more so than geopolitical tensions, inflation, or economic recessions.
• There was a dramatic 81% surge in cyberattacks against UK financial institutions in the year following Russia’s invasion of Ukraine, outpacing the global increase of 61% during the same timeframe.
• Multiple UK banks are lacking basic online and app protections, including use of outdated and vulnerable web applications, failure to enforce secure passwords, and the absence of alerts for critical account changes.

The report further delves into the prevailing cyber threats in the sector as well as real-life examples. It also provides some practical advice on how financial institutions can protect themselves against cyber threats and cyberattacks.

Addressing the urgency of the situation, Javvad Malik, lead security advocate at KnowBe4 stated, “These findings underscore a stark reality for the UK’s financial sector – they are being attacked at an unprecedented rate. Cyber defences need to adapt with the same speed and intelligence as the threats themselves. In addition to traditional security strategies, fostering a culture of security awareness to mitigate the inherent human risk of any organisation is no longer optional; it is a cornerstone for survival against cybercrime.”

To download a copy of KnowBe4’s report on UK financial institutions, click here.

About KnowBe4
KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, is used by more than 65,000 organizations around the globe. Founded by IT and data security specialist Stu Sjouwerman, KnowBe4 helps organizations address the human element of security by raising awareness about ransomware, CEO fraud and other social engineering tactics through a new-school approach to awareness training on security. The late Kevin Mitnick, who was an internationally recognized cybersecurity specialist and KnowBe4’s Chief Hacking Officer, helped design the KnowBe4 training based on his well-documented social engineering tactics. Organizations rely on KnowBe4 to mobilize their end users as their last line of defense and trust the KnowBe4 platform to strengthen their security culture and reduce human risk.

Media Contact
Amanda Tarantino
Public Relations Officer
KnowBe4
[email protected]  

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Dubai-based property management company to streamline management processes with a single cloud-based solution

Dubai, UAE, May 20, 2024 /PRNewswire/ — Yardi® is proud to announce that Driven Properties, a leading property brokerage, investment, and consultancy company, has chosen Yardi to enhance its property management operations and resident experience. Driven Properties, known for its extensive residential and commercial portfolios, offers customizable property solutions and wealth management services to clients across the UAE and abroad.

The implementation of the Yardi Residential Suite will allow Driven Properties to optimize their management operations comprehensively – from property marketing and resident screening to rent collection and maintenance. Yardi’s resident portal and app will enable residents to self-serve, enhancing convenience and accessibility by facilitating payments, lease renewals, personal detail management, and real-time maintenance updates.

“At Driven, we’re thrilled to adopt Yardi’s innovative technology to propel our operational capabilities to new heights and ensure unparalleled services for all stakeholders,” shared Grace Kenny, Director of Property Management at Driven. “With Yardi as our central property management platform, we will be able to streamline operations and improve communication across the business.”

“With Yardi’s cloud-based solutions, Driven can eliminate disparate systems, streamline its software requirements into a single solution, improve insights into portfolio performance, and enhance resident and investor relations,” said Said Haider, Senior Director of the Middle East at Yardi. “We are excited to announce Driven Properties as our latest client in the UAE and look forward to helping them further grow across the region.”

Experience how Yardi can seamlessly improve your residential operations with an end-to-end solution.

About Yardi

Celebrating its 40-year anniversary in 2024, Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. With over 9,000 employees, Yardi is working with clients globally to drive significant innovation in the real estate industry. For more information on how Yardi is Energised for Tomorrow, visit yardi.ae

About Driven Properties

Driven Properties is an award-winning real estate brokerage and property management company headquartered in Dubai. Since its inception in 2012, the company has been raising standards for the industry, and has grown into one of the leading full-service real estate consultancies in the region.

In a city that is synonymous with real estate, our deeply knowledgeable consultants are offering their expertise and unparalleled service to most demanding clients from all over the world. Driven Properties is a member of Forbes Global Properties, a consortium of 100 best brokerages in the world.

For more information, visit drivenproperties.com.

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SINGAPORE, May 20, 2024 /PRNewswire/ — SUNRATE, an intelligent global payment and treasury management platform today announced it has joined Mastercard Priceless Planet Coalition in support of fighting climate change through funding the restoration of 100 million trees. This announcement is part of the global fintech’s efforts to contribute to a sustainable economy and improvement of the planet.

“The Priceless Planet Coalition works by uniting companies, communities and consumers in collective, coordinated climate action. By pooling resources, it’s possible to rapidly scale forest restoration work and environmental initiatives, while providing forward-thinking companies like SUNRATE with pre-existing infrastructure that easily – and cost effectively – allows them to have a tangible impact. It is this connectivity that makes the Priceless Planet Coalition different and more effective,” said Sandeep Malhotra, executive vice president, Products & Innovation, Asia Pacific, Mastercard.

Mastercard founded the Priceless Planet Coalition in January 2020 which is guided by climate science and forest restoration experts Conservation International (CI) and World Resources Institute (WRI). The Coalition employs rigorous science-based best practices for the selection, implementation and monitoring of forest restoration efforts.

“Tackling climate change is critical to our sustainability framework and studies have shown that reforestation is key to combating global warming, which in turn influences climate change positively. Therefore, we are proud to join this initiative and work together with Mastercard and other stakeholders to protect our planet and make our lives greener,” said Darren Thang, Head of Marketing of SUNRATE. 

About SUNRATE

SUNRATE is an intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, SUNRATE is recognised as a leading solution provider and has enabled companies to operate and scale both locally and globally in 190+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs.

With its global business headquarters in Singapore and offices in Hong Kong, Jakarta, London and Shanghai, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered, Barclays and J.P. Morgan. To learn more about SUNRATE, visit https://www.sunrate.com/ 

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