Many institutions opt for a SIEM-as-a-Service (SIEMaaS) model to handle the burden of monitoring and reduce costs, both upfront and ongoing. Based on these statistics, if you're in the financial services sector, there's a very high chance that you'll eventually fall victim to a very costly cyberattack. But, in the eyes of cybercriminals, their association with private banking data groups them in the same category. Several bank cyber attacks in late 2012 have resulted in Website Down messages and slow website load times including: Capital One Financial Corp., BB&T Corp., HSBC, PNC Financial, Wells Fargo Bank, JP Morgan, and Bank of America. Take our Banking Priorities Survey today! Ransomware 3. The most popular being publishing greater portions of seized sensitive data on criminal forums until a ransom is paid. Learn why cybersecurity is important. It's critical for financial entities to update their Incident Response Plans to address each of these active threats. Partnering with a cloud services provider or MSSP that understands the cybersecurity and regulatory requirements of financial institutions will help enhance the integrity of IT systems. Stay up to date with security research and global news about data breaches. Get the latest curated cybersecurity news, breaches, events and updates in your inbox every week. A victim's fullz data could include the following information: The schemes fueling conventional bank drops are likely to adapt to digital wallet requirements as more cybercriminals prefer the superior anonymity of cryptocurrency. The 6 Biggest Cyber Threats for Financial Services in 2022 . Lend your voice to the 2023 Banking Priorities Executive Report before November 14! These are DDoS attacks comprised of multiple campaigns to overwhelm security teams. Learn about new features, changes, and improvements to UpGuard: According to VMware, the first half of 2020 saw a 238% increase in cyberattacks targeting financial institutions. It's estimated that over 90% of all successful cyberattacks start with a phishing attack and this unfortunate conversion rate is tearing up the financial industry. Ransomware can be crippling for institutions, especially if regular data backups are not maintained. according to IBM and the Ponemon Institute, over 90% of all successful cyberattacks start with a phishing attack, Akamai's 2019 State of the Internet report, publishing greater portions of seized sensitive data, wider implications on regulatory compliance standards, FBI strongly advises businesses to never pay ransoms, State of Ransomware 2020 report by Sophos, ransomware attacks against the financial sector increased by ninefold, inject arbitrary code on Atlassian Confluence servers, learn about the difference between Dos and DDoS attacks. Institutions must ensure their cloud infrastructure is securely configured to prevent harmful breaches. In 2020, the two major cyber threats to payment processes were password login attacks and DoS attacks (learn about the difference between Dos and DDoS attacks). While the full scope of cyber events in 2021 is too vast to cover, here are a few of the major cyberattacks that occurredand it should be a warning to all organizations that ransomware makes several appearances. An MSSP will also work with you to prepare for examinations and audits, further strengthening preparedness for cyber threats while meeting regulator expectations. A Security Information and Event Management (SIEM) solution delivers insight and control of cybersecurity, providing incident response to any network threats or vulnerabilities in real time. In early July 2021, Kaseyaan IT solutions developer for managed services providers (MSPs) and enterprise clientsannounced it was thevictim of a cyberattack. Attack Surface Management - An attack surface management solution capable of detecting data leaks will significantly reduce the chances of a successful data breach, both internally and throughout the vendor network. With SIEMaaS, a third partysuch as a managed security service provider (MSSP)collects all event logs and sends them to an outsourced SIEM. During a ransomware attack, cybercriminals lock victims out of their computers by encrypting them with malware. Atlas VPN, a New York-based VPN service provider observed a 151% increase in ransomware attacks in the first half of 2021 compared to the same period in 2020. Endpoint devices represent another area of interest for hackers, especially since many organizations made changes to the location of various endpoints when shifting to remote work. Institutions should leverage their expertise and understand the controls they have in place to mitigate risks during and after a cloud migration. Shortly thereafter, Microsoft reported the same group that perpetratedthe SolarWinds attacks in 2020 launched phishing attacks against a variety of organizations using an email-based campaign. UpGuard is a complete third-party risk and attack surface management platform. Interacting with any of the infected links or attachments in phishing emails could initiate the installation of malware on the target computer system, or load a counterfeit web page that harvests login credentials. The following example demonstrates how such a cyber attack works. In May 2021,a ransomware attacktargeted one of the nations largest pipeline companies, resulting in a nearly $5 million ransom payment, disruption of fuel supply and even panic at gas pumps in certain regions of the country. He speaks and writes frequently on security-related topics affecting the financial services industry and holds Cisco CCNA and CCIE written certifications. This post outlines the top 6 cyber threats to financial services and suggested security controls for mitigating each of them. Despite increasing pressure to do so among the stress of a ransomware attack, the FBI strongly advises businesses to never pay ransoms. SQL Injections, Local File Inclusion, Cross-Site Scripting, and OGNL Java Injections 4. A common cyber attack definition is the process of attempting to steal data or gaining unauthorized access to computers and networks using one or more computers. Learn about the latest issues in cybersecurity and how they affect you. Multi-Factor Authentication - An MFA policy will make it very difficult for threat actors to compromise privileged credentials. Click Here to try UpGuard for free for 7 days now. vendors don't take cybersecurity as seriously as their clients, single compromise could impact hundreds of companies, by the European Union Agency for Cybersecurity, European Union Cybersecurity Agency (ENISA, In August 2021, a Local File Inclusion (LFI) vulnerability, In August 2021, an OGNL vulnerability was discovered that allowed threat actors to. The following security controls could address most of the exposures facilitating data breaches in the financial services sector: UpGuard helps financial services successfully resolve internal and third-party security risks putting sensitive customer data at risk of compromise. Are you looking for the edge to outperform the competition? Here are a few cyber threats that are likely to plague the financial services industry in the coming months and ways your institution can combat each risk: The method of choice for many cybercriminals, ransomware encrypts files to hold for ransom and locks out the authorized user after its installation. According to the State of Ransomware 2020 report by Sophos, remediation costs double when a ransom is paid. Between March and June 2020, phishing and ransomware attacks targeting banks increased by 520% compared to the same period in 2019. And according to IBM and the Ponemon Institute, the average cost of a data breach in the financial sector in 2021 is $5.72 million. In these cases, the bank outages have been due to denial of service DDoS attacks, which are relatively . FRANKFURT/LONDON, Feb 9 (Reuters) - The European Central Bank is preparing banks for a possible Russian-sponsored cyber attack as tensions with Ukraine mount, two people with knowledge of. Mobile phones in the. These cyber events reinforced that your institution should remain vigilant and embrace strategies to strengthen your cybersecurity posture, including prioritizing regular data backups, employee cybersecurity education and real-time incident response. As your organization looks to strengthen your cybersecurity posture in the new year, download our brochure for a firsthand look at how CSI Managed IT and Cybersecurity solutions maximize your technology investments and enhance security. Ransomware attackers use multiple extortions to pressure victims into paying a ransom. Learn why security and risk management teams have adopted security ratings in this post. Additionally, EDR solutions are also an effective strategy to protect against zero-day exploits, which are vulnerabilities with no available patches. According to the Armor Dark Market Report, the average price ranges of fullz data being sold on the dark web are as follows: In many instances, cyberattacks recycle the same attack sequence because there are common security vulnerabilities across different financial entities. Joe Schmoe represents a victim whose email account gets hacked. Cybercriminals recognize that employees represent a significant risk, which is why they target them with phishing and other schemes in efforts to gain access to systems and networks. Weve reviewed the major cyber events of 2021, but what does the cybersecurity landscape in 2022 have in store? A cyber attack is often the first step an attacker takes in gaining unauthorized access to individual or business computers or networks before carrying out a data breach. Its no secret that hybrid workforces and cloud-based applications have become more common, and this reality has greatly increased an institutions surface area for vulnerabilities. Since ransomware attacks pose little risk to the hacker, provide a speedy pay out for criminals and are perpetuated with relative ease and anonymity, institutions should remain on high alert to identify and combat these attacks. JBSone of the largest meat processing companies in the worldwas alsohit with a ransomware attack, paying $11 million to keep its data safe. Endpoint detection and response (EDR) monitors specific endpoints, identifying anomalies and blocking malware using advanced threat intelligence. G2 names UpGuard the #1 Third Party & Supplier Risk Management software. If a threat such as ransomware makes it past prevention tools, threat monitoring and management become paramount. As institutions continue navigating the risks and challenges, it is imperative to stay informed of existing and emerging cybersecurity trends. Despite continued success with proven methods like ransomware, cybercriminals are constantly looking for new ways to breach security. 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