Financial services may be targeted by cyberattacks. For cybercriminals, attacking a financial service offers multiple avenues for profit through extortion, theft, and fraud. It is a priority for financial services to keep their data safe when the industry is going through massive digital transformation driven by changing consumer habits. In order to do that, it requires a Security Solution.
This digital era requires rapid adoption of new technology to support better capabilities and scalability. Let’s take a look at some of the challenges.
- Phishing
Phishing is a variant of social engineering. The mode of operation here is by tricking users into divulging login credentials to gain access to an internal network.
The most commonly used method of phishing is email phishing. An email posted as a legitimate communication is sent to victims. Interacting with any of the infected links or attachments in phishing mail initiates the installation of malware on the computer system. It is very hard to recognise phishing emails, so they are one of the most popular cybercrimes.
- Ransomware Attacks
Ransomware is another Cyber Security Threat to financial services. Ransomware attacks computers by encrypting them with malware. They use multiple extortions to pressure victims into paying a ransom.
Financial services are the favorite targets of ransomware gangs because of the valuable information they possess. Leakage of this data will result in reputational damage.
- Supply Chain Attacks
A supply chain attack is an emerging threat that targets financial services. Supply chain attacks work by delivering viruses or other malicious softwares through a supplier or vendor. It targets the weak link in a chain of trust. To defend against supply chain attacks, it requires a strong security solution.
- DDoS Attacks
DDos attacks are one of the major Cyber Security Threats because their attack surface is diverse, including customer accounts, payment portals, banking IT infrastructures, etc. During the attack, the victim’s server is overwhelmed with fake connection requests, forcing it offline.
- Attacks Against Mobile Devices
Attacks against mobile devices like smartphones, tablets, and wearables have been increasingly rising in the last year. The most common mobile malware attacks include viruses, worms, mobile bots, ransomware, mobile phishing attacks, spyware, and trojans.
These viruses are adapted for the cellular environment and designed to spread from one vulnerable phone to another. Mobile phones are increasing in number, making them easy targets for attackers.
- Attacks Against Operational Technology (OT)
With the rise of the internet within the industrial and financial sectors, OT systems are also being exposed to security threats. The industrial control system is the main component of OT and is the new target of cybercriminals. Here, the danger is that it is not just about data security but actual physical damage as well.
If the attackers can access the operating system, it can cause unimaginable damage. Security of operational technology is a matter of high importance due to this reason.
- Adoption of Zero-Trust Security
Adoption of “zero trust” security means that no one is trusted by default, inside or outside of the network, and verification is required for everyone who is trying to gain access inside. A zero-trust security model verifies and authorizes every connection, and it protects from unauthorized entries from inside or outside.
Zero trust gives significant improvements in security by its mode of operation. It provides a more peaceful mind for the business, cyber security teams, and end users.
