Cybersecurity is a growing concern in all industries as hackers consistently target institutions in the hopes of attaining stolen resources and sensitive data. The financial sector protects some of the most sensitive data of all, which makes it particularly vulnerable to attack. We’ve seen an increases in both attempted and successful breaches over the last two years in attacks against financial institutions all over the world. Cybersecurity experts performing IT consulting for the financial industry must be aware of the greatest threats it’s facing as we march forward into the new year. Here are some major network security concerns for the financial industry in 2021.
Continued Increase of Ransomware Attacks on Financial Institutions
Ransomware is one of the most common attacks seen in cybersecurity these days. Banks and other financial institutions have been especially targeted by these in the last year. Three major ransomware attacks on banks were prominent enough to be featured global news outlets last year, occurring in Costa Rica, Chile and Seychelles. There was also a nine-fold increase of ransomware attacks on the financial industry from February to April of 2020. We are witnessing an increased targeting of these sorts of attacks and it needs to be on the forefront of every computer security’s concerns if they provide IT consulting to the financial industry. When these attacks are successful, they can be devastating. Prevention is essential in keeping people’s money and sensitive data safe from bad actors.
Growing Attacks Meant to Inflict Maximum Damage
While attempting to steal and extort money is still the focus of the majority of cyberattacks on the financial industry, there is another alarming and growing trend as well. More and more institutions are reporting attacks that are meant not to extort resources, but to simply inflict maximum damage in whatever way possible. Around a quarter of financial institutions reported these sorts of attacks last year, which is not an encouraging number. When these sorts of attacks are successful, they can be quite devastating and financial organizations who are concerned about becoming a victim should seek IT consulting about their cybersecurity plans.
Insider Threats Are a Major Risk
Unfortunately, there are also trends of more attacks coming from internal bad actors instead of external ones as well. Proper vetting and strong cybersecurity protocol are necessary for minimizing this sort of risk. IT consulting firms who work with financial institutions must consider the possibility of threats from employees or anyone who has access to internal data and resources. While it is not necessary to assume everyone is out to get you in the financial industry, the worth of the data and currency in play does mean that precaution should always be encouraged.
It’s no secret revealed to say the financial industry has a massive target on its back when it comes to online threats and hackers. Digital threats from all over the world make financial institutions and the companies that interact with their data vulnerable. If you handle financial data or work in or adjacent to financial industries, you need to ensure you have solid cybersecurity plans in place. Speaking to an IT consulting firm like FullScope IT can get you started on making sure your company is secure.