Which cyber threats should financial institutions be on the lookout for? 1. However, we can’t tackle these challenges in isolation. Cyber risk. Still, it’s important for business and IT leaders in the financial services sector to stay up to speed on the exact nature of the threat they’re facing. Data thieves have to get lucky only once. Banks are where the money is, and for cybercriminals, attacking banks offers multiple avenues for profit through extortion, theft, and fraud, while nation-states and hacktivists also target the financial sector for political and ideological leverage. “These Facebook groups are quite easy to locate for anyone possessing a Facebook account,” Talos researchers wrote in an April blog post. Financial institutions are leading targets of cyber attacks. According to recent reports, the financial sector is one of them. In 2019, financial services firms reported huge... Financial Fraud Is Going Social with Stolen Information. In 2016, 3 billion Yahoo accounts were hacked in one of the biggest breaches of all time. This breach highlights the necessity of least-privilege access models and the automated detection of anomalous behavior. Unknown hackers stole login credentials from government agencies in 22 nations across North … Multiple banks and financial institutions reported critical data breaches, malware attacks, and other types of cyber-attacks this year, which include: Dutch Bangla Bank Limited. The answer may be difficult to determine in the midst of a constantly changing threat landscape, and at a … Attackers scooped more than US$ 3 million from the Dutch Bangla Bank in Bangladesh by launching an ATM cash-out attack in May 2019. Posted on January 17, 2019 January 17, 2019 12:15 pm. © 2020 BitSight Technologies. From writers to podcasters and speakers, these are the voices all small business IT professionals need to be listening to. This occasionally happens through employee negligence, or when an employee has malicious intentions, leading them to commit deliberate sabotage. Symantec Spots Attacks On West African Financial Institutions. The SEC is currently investigating the security failure, so not much is known yet about how the breach originated. This requires an assessment of the frequency of cyber-attacks on financial institutions and an idea of the distribution of losses from such events. Privacy Policy He is a contributor to the CDW family of technology magazines. In May 2019, Beazley of London warned about the rising frequency and cost of ransomware attacks with potential exposures arising rapidly. A new cyber report into the financial services industry makes for bleak reading. Authorities suspect that fraudulent PayID accounts, Protecting Sensitive Data: 4 Things To Keep In Mind, security breaches and reported hacking attempts, Secure Remote Work: New Threats Require a Shift in Policy and Training, Get Ahead of the Quantum Computing Security Threat. Cyber attacks are increasingly significant risks in general in today’s society. Most financially devastating threats involved investment scams, business email compromises (BEC), and romance fraud. The Bank of Canada’s 2019 Financial System Review points to cyber threats and financial interconnections as vulnerabilities for the Canadian financial system. BitSight Technologies | But for many firms, cyber risk is difficult to quantify. While the total numbers for 2019 won’t become clear until we’re well into next year, the financial sector has already experienced a number of significant data breaches in 2019. Tweet. “Around the globe, banks are seeing more frequent and more aggressive cyberattacks, and the severity and sophistication of these attacks are increasing all the time,” Hadar said. But some industries face exceptional threats. This article looks at key trends in cyber risk and regulation for 2019 and offers insight for financial institutions looking to stay ahead of the pack. According to a May report from Deloitte, financial institutions are spending an average of $2,300 per full-time employee on cybersecurity, with some firms paying as much as $3,000 per year. Here are some need-to-know facts about the current state of the cybersecurity landscape in financial services. In particular, cyber-attacks targeted at bank employees rose in the first quarter of 2020. Due to the nature of these businesses and the sensitivity of their data, financial firms are hit with approximately 300 times more cyber attacks than businesses in other industries. All Rights Reserved. It’s hardly news, of course, that financial services firms are prime targets for cyberattackers. The increasing amount of large-scale, well-publicized breaches suggests that not only are the number of security breaches going up — they’re increasing in severity, as well. Hypothetical Scenario #1—Sanctions Retaliation via Cyber Attack: In response to sanctions and as part of a broader national effort, the sanctioned country directly targets financial sector institutions within the sanctioning countries with a combination of different cyber attacks. Former Seattle tech worker Paige A. Thompson (also known by her screen name “erratic”) was able to gain access to Capital One servers though a misconfigured web application firewall. During 2019, we witnessed cases where groups who specialize in targeted attacks on financial institutions appeared in the victims’ networks after intrusions by other groups that specialize in selling rdp/vnc access, such as FXMSP and TA505. The Bank takes its role in safeguarding the financial system against cyber attacks very seriously. Financial services are among the most attractive targets for cyber attackers, security researchers reveal, with phishing and credential stuffing among the top threats. In particular, cyber-attacks targeted at bank employees rose in the first quarter of 2020. December 2019. According to the IC3 Annual Report released in April 2019 financial losses reached $2.7 billion in 2018. The increasing likelihood and severity of cyber-risks affecting financial institutions, which have the potential to destabilize whole swaths of the financial system, have spurred regulatory agencies to develop a broad range of assessment and compliance tools to help strengthen the cyber-resilience of the institutions they oversee. Researchers noted BIZTECH: Learn how businesses are increasing deploying multi-factor authentication guard. 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