5 Cybersecurity Threats to Financial Services

Banking and finance companies have access to sensitive data, such as financial records and personal information. These institutions, more than any others, should keep track of their systems’ activities. Should any hacker get access to the data, the consequences would be dire.

One of the best ways to protect multimillion-dollar financial services from cyberattacks is to use an external cybersecurity system from a reputable source, such as www.bulletproof.co.uk. They can safeguard various banking businesses against unwanted snoopers by monitoring, registering, and taking care of suspicious activities.

However, some financial institutions may not feel that an external solution is 100% trustworthy, and the absolute best thing to do in this situation. They prefer to take precautions themselves. And the first step to effectively protecting yourself online is to recognize the dangers.

If you struggle with the safety of a financial company, here is a list of top five cybersecurity threats you should be especially alert to when taking care of your business’ online security.

Human Vulnerability and Errors 

One of the most common threats when it comes to maintaining online security is human vulnerability and susceptibility to making mistakes.

According to one research, almost 30% of all the cyberattacks financial and banking institutions experience come from the company’s employees falling for hacking tricks.

One of the most common deceptive techniques hackers use is sending phishing emails.

Phishing aims at stealing sensitive and personal user data, such as logins, credit card numbers, and passwords. It happens when an attacker, claiming to be a trustworthy person, tricks a victim into opening an email or a text message, and sharing the company’s private data unintentionally.

Another form of email threats is called whaling attacks. It refers to hackers sending deceiving emails to senior company workers, such as CEOs or COOs, and defrauding the company to share the data and money.

Web Apps

From online calculators to online meetings and bank accounts, the vast majority of applications we use nowadays come from the web. Those apps are susceptible to cyberattacks, as they are based mostly on unsecured online systems.

The workers of financial and banking companies should be extremely mindful of the apps that they are using daily. Most of the web attacks originate in unvalidated redirects and misleading ads.

If you are running a financial and banking business, remember to use the apps that come from reputable sources only.

Backdoors

Another common way of attacking a banking business is entering its systems by the so-called “backdoors.”

By using backdoors, hackers get access to the network by bypassing intrusion detection systems.

Some of the most popular backdoor abuses include connection availability, legitimate platform abuse, port binding, and connect-back techniques.

The best way to secure your company against cyberattacks is to regularly monitor and audit all the system’s activities.

Global Operation

The higher the operational size, the higher the operational risks.

Globalization of financial businesses means that one company works across state lines, in different languages, with various people living in different towns and timezones. That gives hackers a lot of areas to conduct cyberattacks of all types.

Cybercriminals target the financial sectors operating internationality in high hopes of getting larger monetary gains.

New Technologies

It is only natural that with the releases and launches of new technology solutions for financial sectors, different companies want to try this technology out.

The forever occurring updates in the digital world make it extremely easy for the attackers to invade, while, at the same time, making it extra hard for the companies to secure their systems.

Using additional tools surely makes banking work easier. However, financial institutions should be aware that each new tool brings other risks.

To make sure you are reducing the chances of a cyberattack to the minimum, use MFA, patching, and pay special attention to the brand’s cybersecurity hygiene.

Conclusion

The financial sector is undoubtedly exposed to all sorts of cyberattacks. The chances of a cyberattack are increased drastically by the employees’ mistakes, operating on global levels, as well as using unsecured online apps and technologies.

Nevertheless, the industry has a lot of opportunities to improve and protect itself from those attacks. One of the accessible ways of securing sensitive data that banking companies use is finding the right software to support monitoring and catching any suspicious activities.