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UK-Based Llyod’s Bank Sees Decrease in Cyberattacks

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UK-Based Llyod’s Bank Sees Decrease in Cyberattacks

Introduction

Swimming against the torrent of relentless headlines highlighting the lack of cybersecurity among banks, government agencies, and popular websites, the Lloyds Banking Group has seen an 80-90% drop in cyberattacks. The reason? “Enhanced” cybersecurity measures.

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While banks around the world begin to accept the uncomfortable reality wherein a $81 million cyber-heist is entirely plausible whilst relying on the global banking platform (SWIFT), one UK-based bank has seen a drop in cyber-attacks.

UK-based Llyods Banking Group has seen a drop of between 80% to 90%, even though there has been an increase in cyberattacks targeting the UK this year. The revelation was made by Miguel-Ángel Rodríguez-Sola, the group director for digital, marketing & customer development. One of the most common attack vectors remain Distributed Denial of Service (DDoS) attacks.

“There had been an increase in the UK in terms of cyber attacks between June and February this year,” Rodríguez-Sola stated. He added “However, over the last two months, I have had five-times less than at the end of last year.”

Speaking to the Telegraph, he claimed a greater collaborative effort with law enforcement agencies. More notably, he spoke about the enabling of additional layers of cyber-defenses, without going into specifics.

In statements, he said:

We needed to re-plan our digital development to make sure that we put in new defences, more layers. [The number of cyberattacks] is now one-fifth or one-tenth of what it was last year.

The news of a decrease in cyberattacks faced by the banking group comes during a time when a third bank was recently revealed to be a victim of the same banking group which was involved in a staggering $81 million dollar heist involving the Bangladesh Central Bank. Increasing reports of other member banks of the SWIFT network falling prey to cyberheists has spurred SWIFT to issue a statement, urging banks to report cybercrimes targeting member banks.

Featured image from Shutterstock.

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Samburaj Das

Samburaj Das

Samburaj is the contributing editor at Hacked and keeps tabs on science, technology and cyber security.

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