The biggest threats to cybersecurity in banking and finance include ransomware attacks, threats to cloud infrastructure, and insider threats. It has become critical to stay ahead of the curve when it comes to cybersecurity in banking to minimize the risk of successful cyber incidents and data breaches.
The top cyber threats to banking industry include:
Ransomware is a type of malicious software that encrypts a victim’s files. The attacker then demands payment for the decryption key, usually in untraceable cryptocurrency.
The impact of a ransomware attack on a bank or financial system can be severe, and attackers are increasingly targeting banks because of the large amounts of sensitive data and high-value assets they hold. The encryption of sensitive data and systems can result in significant disruptions to operations, and the lack of service, fraud, and loss of personal information may affect customers and the bank’s reputation.
In a cloud-based attack, an attacker targets a bank’s cloud infrastructure, seeking to compromise sensitive data or disrupt operations. The technology trends leading to cloud computing present several challenges for risk management and securing against attacks. The challenges of cloud-based bank cybersecurity include:
Check out this case study that details how a global financial services organization was able to reach its target of 100% asset visibility.
An insider threat in financial services cybersecurity refers to a threat from within an organization, such as employees, contractors, or partners with access to sensitive information, systems, and infrastructure. These threats can cause widespread damage by intentionally or unintentionally misusing that access.
Insider threats can have various motivations, such as financial gain, revenge, and political or ideological beliefs. They can carry out their malicious activities in multiple ways, such as stealing confidential data, compromising systems, or disrupting banking services.
Advanced Persistent Threats (APTs) are a new breed of cyber threats that are both highly sophisticated and difficult to detect. They are a growing concern for cybersecurity in banking, where protecting sensitive financial information and transactions is of utmost importance.
Highly skilled and well-funded attackers often carry out APTs with a specific
target in mind, usually a financial institution, and are willing to invest significant time and
resources to achieve their objectives. The threat actors use a combination of social engineering
tactics, malware, and network exploitation to gain a foothold in a target bank’s network and then remain
undetected for long periods while they exfiltrate sensitive information.
With a unified asset intelligence platform that integrates seamlessly with existing systems and processes, Armis provides real-time visibility and protection against known and unknown cyber threats, securing finance by staying one step ahead of the attackers.
Armis also offers banks and other financial service companies the ability to track and understand the security risks associated with their devices and cloud assets, enabling these organizations to comply with regulatory requirements and remain secure in the ever-evolving cybersecurity landscape.
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