The growing demand for online financial services makes organizations ensure and expand their web presence, creating new risks for client data. As banks, insurance companies, and other industry providers digitalize their IT environments, the cybersecurity challenges in financial services increase as well. Along with the evolving risks, regulatory requirements worldwide keep changing.
In this post, we explain key cybersecurity risks in financial services. We also cover the main regulatory requirements and standards applied in different parts of the world.
Financial Services Risks and Cybersecurity Concerns
Although cybersecurity threats are countless and are on the rise every day, IT specialists divide the majority of them into defined categories. Here are the most dangerous threat sources and vectors.
Phishing attacks
Phishing is among the oldest cyberattack techniques but it is still relevant, effective, and widely used. Phishing involves composing a fraudulent email that looks legitimate, making it look like the message composed by, for example, a bank’s support team representative.
A bad actor comes up with a likely email address and copies the official style and shape of the real bank’s email. A hacker adds a malicious attachment (e.g. a link or file) that a tricked recipient is supposed to open or download. The user’s inattention opens the backdoor that the hacker can use to bypass the organization’s cybersecurity and continue their attack inside the IT infrastructure.
Bots
A bot is a malicious software piece that a hacker directs to, for instance, infiltrate the account of a financial organization’s staff member or client. Bad actors can activate botnets (i.e. a bot network that was built previously) to strike seriously protected organizations and to hide the attack source.
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Esticast Research & Consulting adds a new research report titled, ‘Global Financial Services Cybersecurity Systems And Services Market’ to its huge database of research reports.
As per Merchant Risk Council (MRC), the E-Commerce fraud rate encountered by top 10 countries including, the U.S., France, Canada and various others, was of 0.53%.
The domain experts who have planned the report have thoroughly studied the global Financial Services Cybersecurity Systems And Services market and have catered reliable and accurate data.They recognize the needs of the industry and the clients, which makes it simple for them to focus on the aspects, which the clients have been looking for.
The research report comprises of an analysis of an evaluation of the existing and upcoming trends that companies can invest in.
Furthermore, it also includes an assessment of the financial outlooks of the players and explains the scenario of the competition.Research MethodologyThe research methodology of the market is based on both primary as well as secondary research data sources.
It commits different factors affecting Financial Services Cybersecurity Systems And Services industry such as market environment, different policies of the government, historical data and market trends, technological advancements, forthcoming innovations, market risk factors, market restraints, and obstacles in the industry.Competitive Landscape:The key players' profile in the report includesAccenture PLC.Agiliance Inc.AhnLab Inc.Airbus SEAkamai Technologies Inc.Alert Logic Inc.AlienVault Inc.Avast Software S.R.O.Experian Information Solutions Inc.IBM CorporationVMware Inc.The key player’s major focus is on product innovations and technologies that improve shelf life and efficiency.
Financial services make every effort to stay secure, but they still make up at least 35% of all data breaches.
According to a Twitter poll in November 2019, the poll concluded that the Banking and Financial sector is battling with a huge number of cyber threats.
Banks and financial organizations are a target for hacking.
Mitigating data leakages and fraud prevention is a major aspect of the institutions’ security, but it is becoming more difficult as cyber threats such as Wi-Fi hacking and web-based applications evolve and become more sophisticated.Read more at AndroGuru: https://www.androguru.com/2020/04/04/top-cybersecurity-threats-to-financial-services-in-2020/
The world of technology is continuously evolving, from the rise in the Internet of Things (IoT) through the adoption of Software as a Service (SaaS) over traditional in-house applications.
And as technologies shift, so does the threat landscape.
Yet many organizations adapt their technology without guidance or direction from IT, information security, procurement, or risk specialists.
Cybersecurity services in Kuwait providers offer a range of solutions related to the protection of computer systems within an organization.
Also known as computer security or IT security, cybersecurity is a constantly evolving industry created in response to hacking, viruses, and the various other threats to personal and professional data.
