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Attention finance industry: Here are the cybersecurity threats coming in 2020

CyberSecurity Threats

Cybersecurity experts agree that the threats facing financial services providers aren’t just increasing; they’re doubling with each passing year.

In fact, a new report from cybersecurity company Kaspersky states that the amount of data held by financial services companies makes them prime targets for “cyberthreat actors,” but the company cautions that even the most advanced security protocols may not be enough to protect against an attack.

So, what specific threats should companies be on the lookout for in 2020 and beyond?

According to the report, Kaspersky expects to see a rise in paid access to banking infrastructure and ransomware attacks against banks over the next 12 months.

There are several reasons for the expected increase in attacks, including the amount of consolidation that there’s been in the banking industry in the last several years, along with banks’ seeming willingness to pay up when held hostage by a ransomware attack.

According to Kaspersky, the attackers “prime targets” are likely small banks and other financial organisations that were recently bought by bigger companies that are rebuilding their cybersecurity system in accordance with the standards of their new parent companies.

“It is also expected that the same banks may become victims of targeted ransomware attacks, as banks are among those organisations that are more likely to pay a ransom than accept the loss of data,” Kaspersky added.

Kaspersky also cautions that there are already “large-scale, anti-fraud bypass” efforts underway.

Over the last few years, Kaspersky notes that cybercriminals have seriously invested in ways to bypass anti-fraud systems, because, in many cases, a user’s login, password, and personally identifiable information is not enough to gain access to their accounts.

Kaspersky also notes that fintech companies are facing increasing attacks as well.

“Mobile investments apps have become more popular among users around the globe, and this trend won’t go unnoticed by cybercriminals in 2020,” Kaspersky stated. “Not all of these apps utilise best security practices, like multi-factor authentication or protection of the app connection, which may give cybercriminals a potential way to target users of such applications.”

Financial services providers also need to aware that their own employees could be targets for hackers, who could use those employees to gain access to company systems. There’s been a rise in this type of cybercrime in recent years, especially in the real estate industry.

New-school security awareness training can teach your employees to constantly be on the lookout for any red flags where they may be being socially engineered to gain access to financial systems.

With thanks to the Cyber Defence Alliance and The full story is here:

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