Threat Management

Massive drop in cyberattacks on banks, Lloyds

Lloyds Banking Group, a London-based financial institution, claimed it's seen a substantial reduction in the number of cyberattacks it was hit with this year, according to The Telegraph.

While acknowledging an increase between June and February in the number of cyberattacks within the U.K., Miguel-Ángel Rodríguez-Sola, Lloyds' digital director, said over the past two months he's seen five times less cyberattacks targeting Lloyds than at the end of last year.

Rodríguez-Sola posited that because of more evolved partnerships with law enforcement authorities and improved technology defenses put in place to protect online financial institutions, fraudsters are now going after easier, less-protected targets. He pointed to the U.K. telecommunications industry, which has been hit hard of late.

While he did not provide exact details on the added protections his bank has put in place, he stated that new defenses and more layers were necessary for digital development.

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