Financial Crime World

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Financial Crime and Cybersecurity Threats in Aruba: A Growing Concern

The financial sector in Aruba is increasingly becoming a prime target for cybercriminals, with the country’s banks and financial institutions facing an unprecedented number of attacks.

The Rise of Financial Services Cybersecurity Threats

According to recent data, financial services firms are 300 times more likely than other companies to be targeted by cyber attacks, with the costs of those attacks being higher than for any other sector. This rise in financial services cybersecurity threats can be attributed to a combination of factors, including:

  • The increasing use of digital tools and advanced technologies
  • The growing sophistication of cybercriminals
  • The ongoing expansion of cybercrime

Aruba’s Financial Services Sector Vulnerability

Aruba’s financial services sector is particularly vulnerable to business email compromise (BEC) attacks, with nearly one in five cases involving this type of attack. Insider threats are also on the rise, with 16% of security incidents in the sector attributed to insider activity.

The Impact of the COVID-19 Pandemic

The COVID-19 pandemic has further exacerbated the problem, with a recent report revealing a 238% surge in targeted cyber attacks on banks during the crisis. This surge is not surprising, given that cybercriminals seek to take advantage of times of chaos and uncertainty.

Regulatory Response

In response to these growing threats, regulators at both the state and international levels have implemented new rules for financial services institutions. In Aruba, this includes the implementation of new cybersecurity regulations aimed at protecting against financial crime and maintaining the trust of customers.

Proactive Measures

To address these growing concerns, financial services organizations in Aruba need to take proactive measures to:

  • Assess their cyber defenses
  • Implement continuous monitoring capabilities
  • Put their cybersecurity defenses to the test

Unit 42, a leading provider of cybersecurity solutions, offers a range of services designed to help financial services organizations in Aruba protect against financial crime and maintain the trust of customers. These services include:

  • Breach readiness reviews
  • Targeted assessments and technical cybersecurity services
  • Phishing exercises
  • Tabletop exercises specifically designed for the financial services industry

Incident Response Team

Unit 42’s incident response team is also ready at a moment’s notice to help financial services organizations investigate, eradicate, and recover from cyber attacks, minimizing downtime and ensuring business continuity.

Conclusion

By working with Unit 42, financial services organizations in Aruba can create a more security-conscious culture, narrow the opportunities for threat actors to deceive and exploit employees, partners, vendors, and customers, and ensure that their cybersecurity defenses are up to the task of protecting against financial crime.