Risks in the Financial Industry
The top cyber threats that organizations in the financial services industry will face, such as ransomware, are not new, but they remain a serious threat. New or not, one thing is for sure: companies across the financial sector, and peripherally their partners and customers, are in a constant battle against an ever-evolving and increasingly sophisticated threat landscape.
From big banks, fintech, retail, commercial and internet-native banks to credit unions, credit card companies, investment brokerages, insurance companies and mortgage lenders, these are the threats we believe will be the most prominent, malicious and sophisticated.
Data hijacking (Ransomware). Threat actors continue to hold onto stolen data in exchange for hefty payments, putting organizations in the financial sector, along with their partners and customers, at constant risk.
Third Party Risks. A more concentrated third-party vendor landscape, from cloud and payment services to networks and virtual access software, offers threat actors a smaller window but also broader access potential.
Malware, e-skimmers and formjacking. Threat actors are using malicious code to exploit various payment platforms and processes, including e-commerce forms where highly sensitive data is shared.
Compromised bank credentials. Threat actors are constantly exploiting stolen bank records, putting pressure on financial organizations to quickly detect and protect against fraud.
DeFi and cryptocurrencies. Threat actors transact in cryptocurrencies due to their perceived anonymity through blockchain technology, which can obfuscate forensics. They also target cryptocurrency holders through social engineering scams.
Data breaches and leaks. Threat actors attempt to “hack” companies in the financial sector more than any other industry except healthcare, according to our data analyses.
Disrupting your business is a powerful way for cybercriminals to distract you, cost you time and money, bait you into making quick and unsecure fixes, or put you at their mercy.
Deterioration of a company’s complete control over its business practices can open it up to a variety of risks, which cybercriminals are quick to take advantage of.