Cybersecurity threats are a real and pressing issue in the finance world.
Businesses need to be prepared to face these threats head-on. In this blog post, we discuss some of the most common cybersecurity threats faced by businesses in the finance industry, as well as tips for how to protect yourself from them.
Staff Vulnerabilities
Insider threats are a type of cybersecurity risk in the financial and banking sector. This is when workers within a bank or financial firm unintentionally leave the corporation vulnerable to attack.
Typically, hackers target the email accounts of senior members, such as CEOs, and defraud the firm into sharing vital information.
The incorrect configuration of systems and servers is another typical reason.
Tackling Staff Vulnerabilities
To address this, cybersecurity must be addressed not just by the IT department. All levels of staff who have access to the network – from administrative to managerial – should be properly educated and trained in their responsibility for defending it against cyberattacks.
IT can use anti-phishing web browsing software, for example, to stop phishing emails from getting into workers’ inboxes in the first place. IT can also block known offenders by using black and white lists with email and link filtering.
Furthermore, organisations should clearly define how workers are expected to interact with the network. Setting policies for location and the devices that employees can log in from, as well as the type of access they’re permitted, can help prevent security risks.
Supply Chain Vulnerabilities
Financial institutions may invest in high-level security measures, but they frequently delegate compliance management to third-party service providers, such as cloud services companies.
However, someone breaching a third party may harm the finance organisation’s defences by sharing data. Any form of attack on the network – whether broad or minor – has the potential to harm reputations and result in fines for organisations.
Tackling Supply Chain Vulnerabilities
When engaging a third-party provider, it’s critical to think about the security risks. Inquire about what data will be shared, where it will be kept, how they secure it, and who is liable if something goes wrong.
Another good step is to use multi-factor authentication between vendors to ensure that your data and network stay safe. Consider using jump hosts or perimeter security at the network and software levels to isolate parts of the supply chain and prevent a breach from spreading if one occurs.
Technological Vulnerabilities
The financial sector, in particular, is vulnerable to network attacks.
Cross-site scripting (XSS) is a type of vulnerability that can allow cybercriminals to execute malignant code on a website or app. The malicious script can then read the user’s cookies and other critical information, as well as modify the content of the webpage.
Security risks are one of the most common sources of dissatisfaction among consumers. To be competitive, businesses should examine what they can do to secure their websites and applications.
Tackling Technological Vulnerabilities
Developers could evaluate the source code before it went live to check for vulnerabilities and test and learn from it, so they could determine whether it might be vulnerable to attacks.
Once live, web application firewalls, whether software-only, dedicated appliances, or modular hardware firewalls, will aid in the prevention of unauthorised access to banking and finance websites and applications’ administrative areas. It’s critical to implement a firewall that is strong enough.
Fake Accounts
Cybercriminals frequently hide stolen funds in phoney bank accounts (bank drops) created with fraudulent consumer credentials to avoid detection by authorities.
Because more cybercriminals prefer the greater anonymity of cryptocurrency, existing bank drop methods are likely to be modified in order to accommodate digital wallet functionality.
Tackling Fake Accounts
Financial organisations should put in place security measures tailored to the credentials typically needed to establish new accounts.
Global Threats
Globalism entails that firms operate across borders, in various cities with diverse languages, rules, and standards. This rise in operational size implies a higher level of operational risk.
Tackling Global Threats
The only viable solution here is to have internal policies that must be adhered to, no matter the location of the work being conducted.
To learn more, get in touch with us today.
