Share. Author: Pierre-Yves Hentzen. CISOs strive to upgrade cybersecurity. Cyber risk is a top priority for financial institutions and will remain so throughout 2019, with key trends including: Geopolitical uncertainty & state-sponsored cyber activity Financial institutions risk becoming entangled in political disputes, as cyberspace is used increasingly to facilitate covert and overt state-sponsored actions. The total cost of cybercrime for each company in … Security Financial institutions are leading targets of cyber attacks. Symantec Spots Attacks On West African Financial Institutions. The increasing likelihood and severity of cyber-risks affecting financial institutions, which have the potential to destabilize whole swaths of the financial system, have spurred regulatory agencies to develop a broad range of assessment and compliance tools to help strengthen the cyber-resilience of the institutions they oversee. The Identity Theft Resource Center provided CNBC Make It with a ranking of the biggest data breaches announced in 2019, based on the number of … This was a classic breach: one hacker, one major vulnerability, hundreds of millions of dollars in damages. Subscribe to receive related content. Large financial companies have to thwart hundreds of thousands of cyberattacks every single day. Here are some need-to-know facts about the current state of the cybersecurity landscape in financial services. As of early April, FS-ISAC had also ... As financial institutions continue to adjust to remote work arrangements, and in some instances, look to return to the office as states roll back work-from-home orders, the FS-ISAC report is further evidence of the need to take cybersecurity risks seriously. The breach exposed sensitive data such as home addresses, names, email addresses, information on transaction habits for individual members, and social insurance numbers. Share. Banks are where the money is, and for cybercriminals, attacking banks offers multiple avenues for profit through extortion, theft, and fraud, while nation-states and hacktivists also target the financial sector for political and ideological leverage. Many institutions still use older systems that might not be resilient to cyber-attacks. PayID allowed anyone to punch in a phone number and search for the account registered under it, along with the account holder’s name. In some cases, third-party services can help financial firms improve cyber hygiene and prevent breaches by continuously monitoring and alerting users to configuration errors. Authorities suspect that fraudulent PayID accounts were used to generate a series of random lookups and collect data on almost 100,000 customers. The 2017 NotPetya cyberattack caused insured losses exceeding $3 billion. And a successful cyber-attack can have direct material consequences through financial losses as well as indirect costs such as diminished reputation. The documents were viewable without authentication, making them accessible to anyone. However, as the First American data breach illustrates, securing these systems is just as important as protecting any other IT infrastructure. Of course, once one or more of these groups has been joined, Facebook’s own algorithms will often suggest similar groups, making new criminal hangouts even easier to find.”. Regulators are taking notice, and implementing new controls for 4 > FUTURE CYBER THREATS 2019 EXECUTIVE SUMMARY Trust is the fuel that drives the digital economy—it strengthens an organization’s standing and leads to new revenue-generating opportunities.1 It also underpins the stability of the global financial sector. Due to the nature of these businesses and the sensitivity of their data, financial firms are hit with approximately 300 times more cyber attacks than businesses in other industries. The total cost of cybercrime for each company in 2019 reached US$13M. Given the recent security breaches and reported hacking attempts, it is increasingly important for companies to have a handle on their most sensitive data. News reports peg the cost of the data breach that hit Equifax in 2017 at over $600 million. It’s suspected that anyone able to figure out the format of the company’s document URLs could potentially input any record number and pull up documents associated with the customer case, which included email addresses, names, and phone numbers of closing agents and buyers. © 2020 BitSight Technologies. Share. Attackers scooped more than US$ 3 million from the Dutch Bangla Bank in Bangladesh by launching an ATM cash-out attack in May 2019. Share. Research by ImmuniWeb, an application security group, has found that 98 percent of the biggest global fintech startups are vulnerable to major cyber attacks. The number of cyber-attacks against financial services groups that were reported to the FCA soared by more than 1,700% between 2014 to 2016. All Rights Reserved. In many cases, securing these systems might be a secondary priority, or security might take a backseat to strict go-to-market timelines. Banks are where the money is, and for cybercriminals, attacking banks offers multiple avenues for profit through extortion, theft, and fraud, while nation-states and hacktivists also target the financial sector for political and ideological leverage. Security alerts in large volume. In 2019 the industry saw a 480 percent increase in the number of cyber attacks on regulated financial services companies, according to the Financial Conduct Authority (FCA), most of them from phishing, ransomware and data leakage. (Oath.com)Click To Tweet 2. A new cyber report into the financial services industry makes for bleak reading. But in 2017, the group expanded its reach to attack Western Europe, and North and South America. While Westpac has been under scrutiny since the attack, the PayID service is also used by other Australian banks, meaning the breach could be wider than is currently known. 30 Must-Follow Small Business IT Influencers, Cybercriminals Step Up Malware Attacks Against Financial Firms, Make Sense of the Current Security Landscape with Cisco’s SecureX, CDW Tech Talk: Businesses Should Simplify Their Cybersecurity Portfolios, Financial Services Firms Face Increasingly High Rate of Cyberattacks, How to Protect Businesses from Phishing, Spear-Phishing and Whaling, according to an April report from cyberthreat intelligence company IntSights. The number of compromised credit cards was up 212 percent, credential leaks increased 129 percent and malicious apps grew in number by 102 percent. December 2019. 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