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Cybercrime in Finance Industry: A Growing Threat in Montserrat
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The financial services industry in Montserrat has been increasingly targeted by cybercriminals, with banks and other financial institutions facing a significant threat to their operations. 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.
Why Cybercriminals Target Financial Services
Cybercriminals target financial services because of what drives these companies - trust, integrity, and credibility. Whether it’s credit card holders or large organizations with enormous amounts of financial data stored on a bank’s networks, customers need to be able to trust that their financial institutions can protect and safely handle money and information in the most reliable and confidential ways.
The Digital Transformation of Financial Services
The entire financial industry is going through a digital transformation, with financial institutions introducing new digital tools and advanced technologies to improve customer service. While these innovations have brought real benefits, they have also increased cyber risks by expanding attack surfaces for threat actors and providing them with new opportunities to strike.
Risks of Digital Transformation
- Expanded attack surface
- New opportunities for threat actors to strike
- Increased risk of data breaches
Financial Services Cybersecurity Threats on the Rise
According to Unit 42’s recent client engagements, financial services was the second most targeted sector, accounting for 14% of security incidents. Financial services customers suffered most from business email compromise (BEC) attacks, with nearly one in five BEC cases happening in this sector.
Statistics on Cybersecurity Threats
- 14% of security incidents in financial services sector
- 20% of BEC cases happen in financial services sector
Regulators Take Action
In response to the growth in financial services cyber attacks, regulators at the state, federal, and international levels have implemented new rules for the financial institutions they supervise. According to industry data, more than 30 cybersecurity regulations have been released since 2014.
Regulatory Response
- Over 30 cybersecurity regulations released since 2014
- Regulators implementing new rules for financial institutions
Unit 42’s Cybersecurity Solutions for Financial Services Organizations
To combat the growing threat of cybercrime in the finance industry, Unit 42 offers a range of cybersecurity solutions tailored to meet the specific needs of financial services organizations. These include breach readiness reviews, targeted assessments and technical cybersecurity services, incident response teams, and employee training programs.
Cybersecurity Solutions
- Breach readiness reviews
- Targeted assessments and technical cybersecurity services
- Incident response teams
- Employee training programs
Preparing for a Cyber Attack
Are you prepared to manage a cyber attack? Learn more about how Unit 42 can help your financial services organization stay safe from cyber threats. Contact us today to schedule a consultation with one of our experts.