Five Cybersecurity Threats Financial Sector Faces

As we all know apps and games are the most important part of our life nowadays. As cyber intelligence is increasing so are cybercrimes. The malicious threat is taking advantage as organizations reconfigure vulnerable supply chains, offer more digital experiences, and are increasing cybersecurity concerns. Performing from home has opened a Pandora’s Box of the latest attack vectors and workforce challenges including those from insider threats.

Here we will be talking about the five threats of cybersecurity which the financial sector faces. Here we go.

1. Interconnected attacks

Financial institutions are huge and have a large number of independent supply chains. This chain usually consists of some honorable positions with a rich amount of money. Attackers have been willfully trying to break that complexes chain so that they could get into the target-rich attack surface.

They may be using the cybersecurity applications technologies which can be involved between technology service providers i.e. TSPs, plus managed service provider i.e. MSP, and cloud service providers i.e. CSPs. The cybercrime or the attacks these companies are facing is sometimes due to their financial clients. They have to be aware and well prepare for the situation if that is about to come.

2. Credential and Identify Theft

As we all know how rapidly COVID-19 spread across the globe, and simultaneously the financial institutions try to adapt to the situation which was going on. During this time cybercriminals also take advantage of the situation created.

They feed the rich and apply cybersecurity applications through hacking their credentials via mobile, apps, laptops, or computers. There are several credential-stealing malware including EvenBot19 and Cerberus which have the potential to steal the credentials of customers and further perform cybercrimes.

3. Data theft or Manipulation

Data theft or data manipulation of big data is an ongoing cybercrime happening for the past few years. They continue to target data or manipulate the big data to destruct or disrupt them. Previously cyber attackers only copy data but nowadays they tend to destroy or manipulate it which changes the whole matrix of the company financially.

If the company will not be able to find the solution for this problem then the treat presenters could seal sensitive data, compromise it, manipulate data, plus even encrypt all the organization data. You have to maintain your cloud security-related cybercrimes threats and update cybersecurity applications as large-scale data theft happened in the financial sector.

4. Destructive and Disruptive attacks

As we have discussed earlier the financial sector is an interconnected chain of various organizations. So, by attacking or destructing the data of one they can attack the whole chain through it.

Testing the resilience of the affected entities during the attack, this multiparty attack may be a bellwether indicating the likelihood of additional concurrent, disruptive attacks of big data. You can’t just sit back and wait for the attack to happen again. A proactive and impactful cyberdefense plan that comes with multiparty attack simulations such as wireless security tools with industry and cross-industry peers could help financial institutions be better prepared to face this threat.

5. Misinformation

Misinformation hugely impacts the financial sector. As many companies and associations are linked the misinformation or manipulation of information created by the cyber attackers will affect the whole chain. An attacker may take the advantage of high market volatility and they could reduce the profit of the company by misleading it or manipulating its information.

Bottom Line

Many companies have taken various steps to prevent these. Pumping and dumping is a form of security fraud that involves artificially inflating the price of a stock through false-positive statements, which have been included in the cyber intrusions.

originally published on :- https://www.ftmsinternational.com/news/five-cybersecurity-threats-financial-sector-faces