Cybersecurity Services for Financial Institutions
How Threat Actors are Targeting Financial Institutions
Threat actors have a variety of ways to steal confidential information and financial data including extortion and fraud.
- Third-party apps often don’t have the same level of security as direct-source applications, increasing their vulnerability.
- Consumer services programs are targeted and used by cybercriminals to mine users’ personal data.
- Mobile applications are targeted more frequently than standard apps in large part due to broader accessibility.
- Bots, such as spambots, can open opportunities for cybercriminals to steal information or to gather valuable data for future attacks.
- Phishing emails from a bank or credit card company are more likely to spark fear and increase clicks.
With cybercriminals getting smarter, it’s important for security teams in the financial industry to be smarter, too.
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Why Financial Institutions are Targets of Cyberattacks
The finance industry has the second highest average cost of a data breach ($5.72M) across all industries.
The financial industry presents a profitable target for cybercriminals—their data is incredibly valuable and attacking their networks can have a considerable and widespread impact. The reward for cybercriminals attacking financial intuitions is, unfortunately, worth the risk for some.
Banks, investment firms, and credit card companies all collect their customers and clients personally identifiable information (PII) with the understanding that these institutions will keep this data safe.
Another reason the finance industry is such a large target is the availability and ease of access to business platforms used by financial institutions. One major benefit of technology is the ability to reach more people and work with more customers; however, this widespread access also makes users more vulnerable. In addition, the introduction of new financial technologies adds increased risk of hackers using this new technology to take control of legacy systems.
In many cases, cybercriminals can compile profiles and stores of personal information, which makes it easier for threat actors to pose as clients, customers, and businesses.
How Can Financial Institutions Avoid Cyber Risk?
Measures to Avoid Cyber Risk
With institutions in the financial industry being such lucrative targets for cyber attacks, it’s extremely important to have top notch cybersecurity across all facets of your company. This includes everything from internal networks to customer facing mobile interfaces.
One way to protect user data is implementing two-factor authentication at the consumer level. Take care not to let the customer experience overshadow the execution of proper cybersecurity protocols.
There will always be a threat of attack, and it’s important for cybersecurity teams to be prepared. One way to do this is by penetration testing in order to identify any network or system weaknesses while simultaneously giving team members a live training opportunity.
Learn More About Blue Team Alpha Services for Financial Institutions
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Contact Blue Team Alpha to learn more about how to protect your information and your financial data as well as get the personalized protection you need—and your business deserves. Stay protected and secure with the tools and the technology to protect your business from cyberattacks today.