In today's threat landscape, hackers often target industries that offer the path of least resistance for easy gains. Financial Services, unfortunately, face significant cybersecurity challenges due to limited resources and tight budgets for investing in robust defences. In this article, we explore common cyber risks faced by the Financial Services sector and provide actionable steps to enhance their resilience.
Phishing Attacks: Financial Services entities may be targeted with phishing attacks aimed at obtaining sensitive customer credentials, financial information, or personal data.
Ransomware Attacks: Financial Services often possess valuable data, and successful ransomware attacks can disrupt operations, compromise customer information, and lead to financial losses.
Data Breaches: Financial Services collect and store sensitive customer data, including financial records and personal information. Data breaches can occur due to inadequate security measures, insider threats, or external hacking attempts, resulting in reputational damage and potential financial fraud.
DDoS Attacks: Financial Services heavily rely on online platforms for transactions and services. DDoS attacks can disrupt their digital presence, rendering services inaccessible to customers.
Social Engineering Attacks: Social engineering techniques can manipulate individuals within Financial Services organisations to disclose confidential information or perform actions that compromise security. Impersonation of customers or employees may lead to unauthorised access or data breaches.
Preventing Cyber Attacks in Financial Services:
By implementing these measures, Financial Services organisations can bolster their defences and protect themselves from cyber attacks.
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