UniCredit, an Italian bank and financial services organization, recently disclosed a breach of its IT systems affecting approximately 3 million customers. The incident involves a compromised file from 2015 that contained millions of records relating to the banks clients. Reportedly, no details which could give cybercriminals access to these customers’ financial information have been accessed.
Alarmingly, this is the third recent security incident at UniCredit, Italy's top bank, with the past two cyberattacks taking place in September-October 2016 and June-July 2017. According to the bank this latest incident is not related to those previous episodes. A company spokesperson also stated, “Since 2016, the Group has invested an additional 2.4 billion euros in upgrading and strengthening it's IT systems and cybersecurity."
Despite financial services firms spending a great deal on cybersecurity, the average cost of cybercrime for the sector increased by over 40%, from $13m per firm in 2014 to $18m in 2017. By contrast, the average cost per firm for other sectors is just under $12m, according to Accenture.