The financial sector is investing heavily in cybersecurity after a large number of hacks. Implementing effective cybersecurity measures is especially difficult today as there are more devices than people and hackers are using increasingly sophisticated attack methods.

We increasingly rely on digital financial services, and over the past ten years, cyberattacks have tripled, and the financial services industry remains the most vulnerable. In this situation a powerful antivirus software should be a priority. Unlike the TotalAV antivirus which is good for home use only, bank systems require higher security standards. Cybersecurity issues have definitely become a threat to financial stability.

What is it?

Cybersecurity is an activity aimed at protecting systems from digital hacks. The purpose of such attacks is to obtain confidential information, then change or completely destroy it, extort money from users and disrupt business processes.

The importance of such security

Hacking tools are now cheaper, simpler, and more powerful, with their less experienced hackers doing more damage at a much lower cost than before. The proliferation of services provided using mobile devices which is only a technological platform available to many people, devices are more opportunities for hackers. Attackers attack organizations large and small, rich and poor countries, outside national borders. In connection with this fight against cybercrime and reduce the risk of becoming a common international level within countries.

Types of the most widespread threats

– Fishing

The purpose of this type of scam is to steal sensitive data such as credit card numbers and credentials. This is the most common type of cyberattack. You can protect yourself from phishing with user education or a solution that blocks malicious emails.

– Ransomware

One of the types of malware. They extort money by blocking access to files or computer systems until a ransom is paid. However, paying the ransom does not guarantee the restoration of access to files or systems.

– Malware

It is software designed to access your computer or cause damage.

– Social engineering

Attackers use social engineering to trick you into revealing confidential information. They may ask you to make a money transfer or provide access to sensitive data. Social engineering can be combined with any of the types of threats listed above to make you follow links, download malware, or trust a malicious source.

Cybersecurity of the bank financial systems

Protecting highly sensitive data is a top priority for the bank’s financial systems. But sacrificing network performance for security is unacceptable because consumers and businesses need access to every offer in real-time.

Top Cybersecurity Issues in Financial Services

1. Cost reduction

2. Monitoring and tracking

3. Operation efficiency

4. Flexibility

5. Compliance reporting

The ability to retaliate

As cyberattacks occur with increasing frequency, the financial system must be able to quickly resume functioning even with a successful attack, ensuring stability is maintained. So-called response and recovery strategies are just emerging, especially in low-income countries that need support in developing them. International mechanisms are needed to support response and recovery in cross-border organizations and services.

Capacity building

Helping developing and emerging market economies build on cybersecurity will strengthen and support financial inclusion. Low-income countries are particularly vulnerable to cyber risk. The COVID-19 crisis is taking a pivotal role in the healthcare system. Safe and reliable use of technologies for safe use for development, in connection with which protection from cyber risk is necessary. As with the virus, as cyber threats spread to any one country, the rest of the world becomes less secure. 

Mistakes of the bank’s financial systems

Building local security systems, firstly, is extremely expensive, and secondly, practically ineffective. Banks, having a significant amount of capital, at the same time do not have significant free funds to maintain the level of cybersecurity at the proper level and prefer to distribute them to other expenses.

Even the most sophisticated cybersecurity infrastructure turns out to be completely ineffective if the bank employees fail to comply with the fundamental rules of cybersecurity. Hackers often rely on the human factor, relying on the fact that an employee will follow a “harmful” link or work remotely from an infected device. Practice shows that elimination of this problem is perhaps the most difficult task of the company’s management and security department.

The best defense is training

If employees do not know how to recognize a security threat, how can they be expected to avoid, report or eliminate it?

90-95% of hacks are caused by human’s mistakes. In addition, only 38% of international organizations say they are ready to deal with sophisticated cyberattacks.

Today, the favorite tactic of cybercriminals is social engineering it is the psychological manipulation of victims in order to convince them to voluntarily or unknowingly surrender private data. Another, already announced earlier, is fishing – 95% of attacks are the result of it scams, so learning the basics is essential.

Types of cybersecurity

– Encryption

A program or service that uses encryption will accept your messages or files and turn them into code that prevents the original information from being read. This means that even if an attacker interferes with your connection, they will not see anything.

– VPN

VPN services hide your IP address, which is the address that serves as your unique identifier on the network and is somewhat similar to your home address. If you hide it, scammers won’t be able to find your location or your network.

– SIEM

It is a real-time protection tool. SIEM solutions are available as software or services. By monitoring the activities of the company, they instantly warn of any violations and prevent problems.