Financial Sector Cybersecurity

One of the most highly targeted industries for cyber thieves and nation-state cyber warriors is the financial sector. In fact, 89 percent of intrusions are for financial or espionage purposes. Financial sector cybersecurity is a requirement for all companies who handle sensitive client information.

Threatcare enables companies to validate their security through proactive cyber defense, helping the financial sector to no longer just “guess” if they are protected. This is done through cloud-based hacker simulations that report on any successful intrusions. Vulnerability assessments through simulation should be a standard practice for all companies.

As online financial services and lending has become more popular for consumers, that has attracted the attention of hackers and cyber thieves who seek to steal valuable information that can later be sold to third party marketers or used to defraud customers’ accounts. In 2016, one report noted, cyber attacks cost consumers more than $10 billion.

So, clearly, security for financial systems has progressed mightily from even a decade ago, when “IT security” essentially involved implementation of an access control policy, installing a firewall and a robust anti-virus program. But today, security firms like Threatcare are creating proprietary, cutting-edge cyber security software as threats have dramatically increased.

Still, it is difficult to keep up with emerging cybersecurity threats.

Recently, a distributed denial of service (DDoS) attack that spawned from a botnet consisting of so-called smart devices within the “Internet of Things” (IoT) affected millions of machines. That code, which is called Mirai, is essentially an open-source hacking code that was made to look for and attack devices connected to the Internet and which are protected by default passwords and user names. Since banks, for example, need to ensure their customers can access their money, one challenge for the financial sector is to find ways to protect and defend against DDoS attacks like this one.

Another challenge can come from insiders who are expected to pose a much bigger problem now and in the years ahead. Many of these attacks can originate from the dark web, which is currently reaching out to company insiders so they can buy their login credentials. Others have attempted to get insiders to sell intellectual property, making in-house access control even more vital.

These emerging cyber challenges, combined with existing and forthcoming regulatory burdens, make it extremely difficult, if not impossible, to secure your financial services information without professional assistance. Verify your protection with Threatcare.

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