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Cybercrime Threats on the Rise in Northern Mariana Islands’ Finance Industry

As the finance industry in the Northern Mariana Islands faces unprecedented stress, cybercriminals are exploiting opportunities to perpetrate fraud and disrupt business operations. With thousands of businesses changing banking relationships, financial institutions are at heightened risk of phishing attacks, domain spoofing, and other forms of cyber-enabled fraud.

Five Key Areas of Heightened Risk Exposure

Combating Cyber-Enabled Fraud Across Money Movement Business Processes

Financially-motivated cybercriminals are leveraging phishing campaigns to impersonate financial institutions and banking consumers, stealing personal and financial information. To mitigate this risk:

• Enable multi-factor authentication
• Monitor security performance
• Enhance user activity monitoring

Heightened Monitoring of Insider Activity

Turbulent market conditions and significant customer transaction activity increase the risk of not detecting insider threats. Malicious intent or compromised insider access could be used to commit fraud for personal gain or manipulate existing technology and business controls. To address this threat:

• Work closely with vendors
• Set alerts
• Review SIEM logs regularly
• Prioritize investigation of insider incidents

Dis-Information, Mis-Information Campaigns Affecting Customer Trust

Malicious actors may be using digital dis- or mis-information to amplify customer distrust and prey on fear. To counter this threat:

• Prioritize data trust
• Monitor public information forums
• Plan for disinformation recovery

Customer Online Account Takeovers and Transaction Activity

Cybercriminals are using stolen credentials and personal data to hijack legitimate accounts and execute fraudulent activities. To prevent this:

• Enforce heightened authentication checks
• Secure networks
• Monitor transaction accounts for unusual activity

Enhanced Monitoring of Security Performance

Financial institutions should review existing security metrics related to critical cyber defense operations, monitor any deviations from standard operations, and detect any outliers or performance degradation.

Conclusion

The finance industry in the Northern Mariana Islands is facing unprecedented challenges, and it is crucial that financial institutions take proactive measures to protect themselves against cybercrime threats. By strengthening their defenses, monitoring insider activity, countering disinformation campaigns, securing customer accounts, and enhancing security performance, financial institutions can reduce the risk of fraud and maintain customer trust in these uncertain times.