Irvine, CA, March 30, 2021

Understaffed IT teams and lack of cybersecurity expertise hinder financial organizations from protecting data in the cloud

Netwrix study reveals that the top cloud security incidents include phishing, targeted attacks on cloud infrastructure and ransomware.

Netwrix, a cybersecurity vendor that makes data security easy, today announced findings for the financial sector from its global 2021 Netwrix Cloud Data Security Report.

In 2020, the most common incidents that financial organizations suffered regarding data in the cloud were phishing attacks (reported by 26%), targeted attacks on cloud infrastructure (22%) and ransomware (15%). Among organizations that experienced a data breach, 20% had to cover unplanned expenses to fix security gaps, 19% faced compliance fines and 17% experienced customer churn.

The Netwrix report also revealed that 59% of financial organizations consider understaffed IT and security teams to be the major reason they struggle to secure data in the cloud. Other factors include lack of expertise in cloud security (44%) and employee negligence (37%).

Other survey findings include:

  • 53% of financial organizations store customer data in the cloud, and 35% store financial data there.
  • Targeted attacks on cloud infrastructure took the longest to detect and resolve — 41% of financial organizations needed days or weeks to discover the incident, and 38% spent days or weeks on response.
  • 70% of respondents audit user activity in the cloud in order to mitigate data security risks.
  • In response to the pandemic, 30% of respondents had to change their IT priorities but stick to their existing budget. 19% reported security budget cuts.

Cloud technologies enable financial organizations to remain competitive and offer innovative services to their clients. To leverage the cloud in a secure and compliant manner, financial organizations should invest in automated security tools such as data discovery and classification, and provide training to ensure their security pros can adapt to the rapidly changing cyber landscape.
Ilia Sotnikov, VP of Product Management at Netwrix

The 2021 Netwrix Cloud Data Security Report is based on feedback from 937 IT professionals worldwide who use private and public cloud services to store their data. To get the complete findings, please visit:

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Netwrix champions cybersecurity to ensure a brighter digital future for any organization. Netwrix's innovative solutions safeguard data, identities, and infrastructure reducing both the risk and impact of a breach for more than 13,500 organizations across 100+ countries. Netwrix empowers security professionals to face digital threats with confidence by enabling them to identify and protect sensitive data as well as to detect, respond to, and recover from attacks.

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