The financial sector has been highly affected by APTs, and banks are particularly targeted. They are typically a nation state or a state-sponsored group, which gain unauthorised access to a computer network and remains undetected for an extended period. Increases were seen in traffic volumes, attack duration and packets per second.Īdvanced persistent threats are stealthy threat actors. In 2020 a 30% increase in DDoS attacks was reportedly targeted at the financial services industry. This way attackers access sensitive customer data such as financial credentials and open fake accounts, access funds and continue their pattern of fraudulent activities. They consist in launching an attack on a bank which can cause slow website response times and prevent customers from accessing their online banking and other financial applications. Phishing attack can be executed through multiple means including phishing emails, phone calls, web link manipulation and website forgeries to convince users to divulge sensitive information or participate unknowingly in fraudulent transactions It can be defined as the use of social engineering and technical subterfuge to defraud an online account holder of their financial personal information or login credentials by posing as a trusted identity. There are different ways threat actors can gain access to your business network. For the first half of 2020, banks endured a 238% spike in cyberattacks and for five consecutive years, financial services have been the most targeted sector. Of course, security breaches lead to loss of revenue, reputation, and customers for banking institutions, as well as interruptions to operations. The increase in the number of security breaches is because the number of potential targets has expanded, from laptops to smartphones to Internet of Things (IoT) devices, which pose a constant security risk to both individuals and financial institutions. These act as ideal "entry points" for cybercriminals. This is especially true and important in the age of digitalisation, where the surge in remote working (boosted by the Covid-19 emergency) and IT budget constraints, IT vulnerabilities have intensified.
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Cybersecurity Awareness Month - How to tackle cyberattacksĪs October is National Cybersecurity Awareness Month (ECSM), it is important that key decision-makers in the financial services sector know the best strategies to ensure the security of banks’ assets as well as how to efficiently and reliably defend their networks.