Financial institutions accelerated the implementation of online services during the pandemic, aiming to simplify customers’ access to their bank accounts. Unfortunately, they also simplified cybercriminals’ attack vectors. Financial institutions can employ a series of cybersecurity tools to mitigate the increased risk of cyber fraud.
The Securities and Exchange Commission (SEC) has sanctioned eight financial services firms for cybersecurity failures that resulted in email account takeovers exposing the personal information of thousands of customers and clients at each firm.
A new Digital Shadows report reveals Initial Access Brokers (IABs) have consolidated their role in the cybercriminal landscape and have now become a central figure in the Ransomware-as-a-Service business model.
Digital Shadows published new research revealing that in the last four months, each of its clients experienced on average 360 domains impersonating their company and brand name – nearly 1,100 per year, on average.
Lookout, Inc. released a report showing that mobile phishing exposure doubled among financial services and insurance organizations between 2019 and 2020. The Lookout Financial Services Threat Report illustrates that these organizations were not immune to mobile phishing despite an increased adoption of mobile device management (MDM).
Rather than be caught off-guard and left to play catch-up, security and IT professionals should begin planning now for the many new and updated regulations, standards and proposed pieces of legislation that will be sweeping over the financial services industry and other sectors in the near future.
Over the last few months, the financial sector, as well as many other industries, has had to adjust and make the shift to remote set-ups almost overnight due to COVID-19 restrictions. The transition has accelerated digital transformation; the sector’s previous reliance on face-to-face, or, ‘high-touch’ customer interactions have yielded to a completely digitalized experience.
