Security measures within the financial sector have evolved dramatically, with regards to combining elements such as key codes, two factor authentication, voice ID, behavioural analysis, one-time passcodes, protective messaging, digital fingerprinting, and so on. But, with more security measures in place, there are arguably more elements to infiltrate.
This week SecurityHQ released a white paper on the ‘Financial Sector, Threat Landscape 2020’. In this paper, and through an analysis of a real-life threat to a large financial client, their findings revealed the five top security challenges that the financial sector are currently facing, the risks of future threats, and how to spot these risks before it is too late.
Among other elements, five of the top challenges to the financial industry include ransomware attacks, internal threats, issues in app developments, changes in working due to COVID-19, and third-party risks.
Ransomware
In the three years since the term was added to the dictionary, ransomware has increased dramatically both in terms of the number of attacks, but also in terms of the range of methods used to conduct said attacks. Attackers are extremely sophisticated. Once they have your data, there is no guarantee that if you pay them, that your data will be given back or decrypted. There is also no guarantee that you will not be a target a second time around. Often, once an attack is made, the bad actor will sell the details on to their associates to go after the victim again after deployment, because the payload can still be there, activated and deactivated.
Read more at the International Accounting Bulletin here