<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2UBbvI_0uE9TQpK00" alt="https://img.particlenews.com/image.php?url=2UBbvI_0uE9TQpK00" width="800" height="450" ></figure><p>—</p><p>Cybersecurity is more than just defense. It’s about proactive adaptation. Banks are still under threat despite having advanced security infrastructures. Terranova Security’s 2023 Gone Phishing Tournament revealed a 10,4% click-through rate, which highlights the need to evolve security strategies.</p><p>Even though the finance sector did better than the other sectors, it is still possible to improve the click-through rate of phishing emails, especially when considering the sensitive information that these organizations manage.</p><p>Financial institutions also work with other sectors to receive and provide goods and services. These sectors are vulnerable to business email compromise attacks, which can affect any organization that interacts with them.</p><p>This article provides actionable insights to security teams on how to improve their defense mechanisms.</p><h2>1. Social Engineering</h2><p>This threat is designed to gain the trust of the victim by convincingly impersonating a coworker, supervisor or business partner. The goal is to obtain private data from a company or to transfer funds.</p><p>A lack of attention in fast-paced environments such as financial institutions where sensitive data and large wire transfers is routine can be the perfect environment for these scams.</p><p>The emerging threats are complex and involve not only technological sophistication but also serious human rights violations such as cyber fraud powered through human trafficking.</p><p>Interpol reports an increase in cyber fraud driven by human trafficking. Victims are deceived by fake job ads and forced to become online scammers who commit online bank fraud.</p><h2>2. AI-enabled Phishing</h2><p>With the advent of AI, phishing has become easier to scale.</p><p>AI automates phishing, personalizing it to the point that hackers are only required to interact with their victims once they have been hooked.</p><p>AI allows scammers to produce believable texts that match any region’s accent, expressions, and idioms.</p><p>This level of sophistication makes cybersecurity awareness training essential. Spelling errors and awkward syntax are no longer enough to identify phishing scams. By training your users to recognize subtle signs of deception in various types of communication, they can detect them more easily.</p><h2>3. Advanced Persistent Terrorist Threats (APTs).</h2><p>Advanced persistent threats are ongoing, sophisticated attacks where attackers penetrate an organization’s network or system to steal data or monitor activity. This attack aims to remain undetected as long as possible.</p><p>Due to their ability, these persistent threats can cause corporate espionage and disruption, data breaches of significant proportions, as well as financial losses.</p><h2>4. Ransomware</h2><p>Financial institutions can’t afford to have any downtime. Hackers realized that banks were more willing to pay ransom in order to unlock their systems if they were attacked by malware.</p><p>Banks are also businesses that rely on trust, so any damage to their reputation could severely affect their operations or even their market value.</p><p>Once allowed to spread, this type of malware is difficult to remove and can cost far more than the ransom.</p><h2>5. Regulatory Compliance</h2><p>Recent cybersecurity measures implemented by the SEC have made cyber security a hot-button topic. Financial institutions are now required to report any cyber-attack under the new rules. The financial sector is required to publish their annual cybersecurity plan and provide details.</p><p>In the event of non-compliance, there may be severe penalties or legal action. To keep up with the constantly changing regulations, it is necessary to have a lot of resources and be vigilant. This adds complexity to cybersecurity efforts.</p><p>The new regulations have led to a renewed focus on cybersecurity and financial institutions.</p><h2>6. DDoS attacks</h2><p>In 2023, the financial services industry experienced a significant increase in DDoS attacks. It was also the most targeted industry. Cyber hacktivists or foreign governments are behind these attacks, which are boosted by powerful botnets and often driven by geopolitical tensions.</p><p>The motives behind these attacks vary, but the goal is the same – to disrupt operations, spread a specific message, or cause chaos.</p><h2>7. Supply chain attacks</h2><p>Financial institutions are particularly vulnerable to supply-chain attacks, as almost all businesses have some sort of software connection with their bank. Target was the victim of a supply chain attack in 2013.</p><p>Although technically a retail-based attack, hackers were able to reach the financial world by stealing over 40 million credit card and debit account numbers. They then resold them online.</p><p>A small HVAC subcontractor in Pennsylvania failed to implement the right cybersecurity measures, which led to this attack. The network connection between the HVAC subcontractor and Target enabled hackers to compromise Target’s systems.</p><p>Financial institutions are heavily reliant on a large network of third-party services. Any breach in the supply chain could compromise the security and integrity of an entire organization. Therefore, it is essential to implement strict vendor management practices.</p><h2>8. Insider Threats</h2><p>Financial companies have complex rules for information sharing and a high number of employees. This can lead to many weak links, if an employee acts carelessly or maliciously.</p><p>Cyber security course can be a powerful tool to fight carelessness when it comes to data protection. To mitigate this risk, financial institutions should also implement strong monitoring and access control measures.</p><h2>9. Hybrid/Remote Workforce</h2><p>Remote and hybrid work environments have become an important feature of modern workplaces, particularly in the financial industry.</p><p>Financial institutions face a number of cybersecurity challenges. Cyber attackers can exploit vulnerabilities in mobile devices, home networks, and home office environments.</p><p>Financial institutions must take comprehensive security measures to reduce risks. Employee cybersecurity training, robust device management, secure access via remote, and strict data protection policies all help to prevent unauthorized access and protect sensitive information.</p><h2>10. Cybersecurity Knowledge Gap</h2><p>Financial institutions are at risk of a cybersecurity knowledge gap in their employees. This is due to factors like motivation, behavior, technology usage, and generational differences. To address this risk, it is important to motivate employees to consider a cybersecurity program, to foster safe behaviors, to ensure effective technology usage, and to bridge generational differences. For example, by providing customized training programs that cater to the different technological abilities and learning styles of various age groups. Recommended courses include:</p><ol><li>Certified Information Systems Security Professional (CISSP)</li><li>Certified Ethical Hacker (CEH)</li><li>CompTIA Security+</li></ol><p>To protect themselves from evolving threats, financial institutions must invest in engaging cybersecurity education and foster a shared responsibility environment.</p><h2>11. Data Breach</h2><p>In the financial industry, data breaches are often caused by phishing, theft of passwords, brute-force attacks, system vulnerabilities, or accidental losses. These attacks become more sophisticated as the sensitive nature of the data is increased.</p><p>The financial industry is a target of cybercriminals, due to its importance in the economy. Its assets are also very valuable. These breaches are a serious challenge to financial institutions as well as their regulatory bodies.</p><h2>Enhancing Cybersecurity Awareness for the Finance Sector</h2><p>Cybercriminals will continue to be attracted by the financial sector because of its valuable data and large amounts of money. To combat cybercrime, banks need to invest in employee training and improve security measures.</p><p>Cyber threats are constantly evolving, and strict regulatory requirements require staff to be knowledgeable and proficient in implementing security protocols.</p><p>—</p><p><b>This content is brought to you by Chris Reyes</b></p><p>Photo provided by the author.</p></div></body>

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Top 11 Cybersecurity Concerns in the Finance Sector by 2024

— Cybersecurity is more than just defense. It’s about proactive adaptation. Banks are still under threat despite having advanced security infrastructures. Terranova Security’s 2023 Gone Phishing Tournament revealed a 10,4% click-through rate, which highlights the need to evolve security strategies. Even though the finance sector did better than...