Ceri Austin 
Financial services firms hold vast amounts of data that hackers wish to gain access to. Hacking attacks against these firms could expose customer details, damage customer trust and undermine brand image.
Cyber attacks against the financial sector have increased significantly over time. From phishing attacks and social engineering scams to ransomware incidents, threats against this industry are increasing dramatically and organizations must put into practice best practices and implement effective solutions in order to stay secure from such threats.
Threats
Financial services industry operates within an increasingly stringent regulatory environment that mandates various cybersecurity measures. Yet banks still face cyberattacks due to limited resources or training; unpatched software has further contributed to an increase in attack attempts; in addition, pandemic has caused more people to use online banking and work-from-home arrangements exposing sensitive data to outside attackers.
As financial services firms transition into digital platforms, the lines between financial services firms and technology companies have blurred. This opens up multiple attack vectors such as cryptocurrency trading platforms or ransomware attacks that increase attack vectors.
Financial services providers must proactively address security threats in order to combat this trend, which includes implementing technologies for regulatory compliance, network security, data encryption and threat monitoring. They should also increase collaboration within their organization while making security performance visible throughout. Doing this will reduce any potential impact a cyberattack may have on financial systems.
Solutions
As we move toward a cashless economy, financial services companies must deploy high-grade cybersecurity to safeguard consumers and business assets. It must keep pace with technology while satisfying demanding customers while adhering to stringent regulatory requirements and avoiding breaches that can cost billions.
As a result, cyber attacks against finance firms are increasing. Even when these institutions take stringent preventive steps against hackers who seek to take people’s money by breaching them.
Financial services organizations relying heavily on third-party vendors are particularly vulnerable to cyber attacks from third parties. Therefore, organizations reliant on these vendors must conduct thorough third-party risk management and constantly monitor their supply chains – this requires a holistic solution combining GRC functionalities such as threat detection/ response/ continuous control monitoring/data visualization/ virtualization/ robotic process automation into one platform like Recorded Future’s Attack Surface Intelligence to monitor, manage, and protect critical data assets proactively.
Implementation
Gone are the days of calling in stock trades from your local coffee shop and waiting for USPS delivery of bank statements. Now banking has transformed into an increasingly digital industry; everything from checking your account balance to applying for mortgage loans can now be completed online – offering unprecedented convenience but making financial sectors vulnerable targets for cybercrime.
Financial services face three primary security threats, phishing attacks, ransomware and other malware. Phishing attacks utilize unsecure networks to gain entry to data and systems; ransomware encrypts it and demands payment in order to decrypt it.
Financial services face another significant security challenge from human error, which can be reduced with access control, monitoring, and training measures. Finally, it’s essential to monitor the security posture of vendors since cybercriminals often target weak links in supply chains; strong collaboration among firms, governmental agencies, and international organizations must therefore be fostered.
Monitoring
Financial services firms must monitor their cybersecurity measures closely to detect attacks as soon as they occur, using Bitsight’s platform for sharing critical cyber risk information among partners and conducting peer reviews to assess potential vulnerabilities in security posture.
Financial firms who suffer a cyber attack could suffer severe financial and reputational harm, necessitating continued investment in technology to protect digital platforms such as those used by mobile apps or online services. Consumers increasingly want cashless financial services that are easy to access via these methods.
As banks have increasingly transitioned from analog to digital transactions, banks have become more vulnerable to hackers. Beyond phishing attacks, hackers have turned their focus towards malware distributors and distributed denial-of-service (DDoS) attacks; which use numerous compromised devices and IP addresses to flood a website with traffic until its owner pays a ransom payment.
