Banks and financial services handle some of the most valuable information to cybercriminals, from account and credit card data to sensitive PII (personally identifiable information). As such, these organizations remain at the forefront for risk as cybercriminals become increasingly sophisticated and malicious in their methods.
A new generation of cybercriminals is also evolving – no longer satisfied with simply stealing funds and holding companies’ information hostage, instead, aiming to infiltrate and manipulate companies and environments, threatening the credibility and integrity of the institution.
Follow the money
Our latest whitepaper is intended to act as a reference document for organizations in the banking and financial services sector, providing a broad overview of threats, certain relevant threat actors and how organizations can manage their digital risk more effectively.
Despite the financial services sector being among the most secure industries when it comes to cybersecurity, the risk of cyberattack cannot be overstated. Attacks and breaches hit and disrupt financial services firms particularly hard and often costs them more in damages and recovery than institutions in any other sector at $18 million per firm (vs. $12 million for firms across all industries).
We provide some detail around some of the most relevant cybersecurity issues targeting the financial services sector, offering cyberthreat intelligence insight and guidance to meet some of the challenges they face today.
Integrated risk management
In an industry as mature as financial services, it is critical to build defenses that are comprehensive, resilient and end-to-end. Managing cyber-risk is, as EY puts it, “a team sport and is everyone’s responsibility, from the boardroom to the front line.” With that in mind, organizations across the board are using integrated cybersecurity risk management strategies, involving resources, activities and the cooperation of the entire organization.
Cybersecurity generally is based on a combination of people, process and technology. A successful approach focuses on a cybersecurity-aware culture and includes regular training, as well as using best-in-breed targeted cyberdefense technology. Beyond awareness and education, everyone has an active role to play, all the way from CISOs, to risk compliance and auditing professionals, to operational teams and beyond.
Traditional banks are highly focused on risk and compliance and use traditional mechanisms to fight fraud. They continue to embrace new security innovations in order to minimize the window of opportunity for attackers.
What’s in the paper?
We detail issues facing FSIs and how threat intelligence can mitigate the impact of a cyberattack:
- State of the industry – how is the financial services sector targeted?
- Notable threat actors and their TTPs
- How FSIs can manage their cyber-risk using targeted threat intelligence
The latest whitepaper therefore sets out some elements in a very broad cyberthreat landscape for financial services institutions. As a threat intelligence provider, we seek to offer insight around trends and encourage the development and continuation of proactive steps that FSIs can take to help manage their cyber-risk.