Ransomware has been a major headache for organizations all over the world for several years and shows no signs of abating anytime soon. This is a cybercrime technique in which files are encrypted and users are locked out, with the criminals demanding money to re-enter the system.
Organizations hit by ransomware attacks may find their systems paralyzed for extended periods of time, especially if they lack backups. Paying ransom to these criminals does not guarantee that your system access will be restored.
2. 𝐎𝐧𝐠𝐨𝐢𝐧𝐠 𝐫𝐢𝐬𝐤𝐬 𝐟𝐫𝐨𝐦 𝐫𝐞𝐦𝐨𝐭𝐞 𝐰𝐨𝐫𝐤
As the pandemic enters its third year, the use of remote work, hybrid workforces, and cloud-based software systems has become nearly universal. This also means that financial institutions face more cybersecurity threats than ever before. Employees are no longer always accessing data on systems and networks controlled by the organization, necessitating increased vigilance.
3. 𝐂𝐥𝐨𝐮𝐝-𝐛𝐚𝐬𝐞𝐝 𝐜𝐲𝐛𝐞𝐫𝐚𝐭𝐭𝐚𝐜𝐤𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐫𝐢𝐬𝐞
As more software systems and data are stored in the cloud, cybercriminals have taken advantage of this, and as a result, cloud-based attacks have become one of the most prevalent cyber threats to the banking industry. Banks must ensure that their cloud infrastructure is securely configured to prevent harmful breaches.
4. 𝐒𝐨𝐜𝐢𝐚𝐥 𝐞𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠
Social engineering is one of the most serious threats to banking and finance. People are frequently the weakest link in the security chain, as they can be duped into disclosing sensitive information and credentials. This can affect both employees and customers of a bank.
Social engineering can take many forms, including phishing and whaling attacks, as well as sending bogus invoices that appear to be from a trusted source. It’s critical to keep your employees up to date on social engineering tactics and how these threats evolve.
5. 𝐒𝐮𝐩𝐩𝐥𝐲 𝐜𝐡𝐚𝐢𝐧 𝐚𝐭𝐭𝐚𝐜𝐤𝐬
Cybercriminals are increasingly targeting software vendors and delivering malicious code to customers and others in the supply chain in the form of products or updates that appear to be legitimate on the surface. These attacks compromise distribution systems, allowing cybercriminals to enter the networks of the supplier’s customers.