WALLIS AND FUTUNA’S FINANCIAL INSTITUTIONS FACE RISING CYBERSECURITY THREATS

The financial services industry in Wallis and Futuna is increasingly vulnerable to cyber attacks, with threat actors and malicious insiders targeting banks and financial institutions for potentially lucrative theft and fraud. The trust that customers place in their financial institutions makes them ideal targets, as cybercriminals seek to exploit vulnerabilities in digital systems and networks.

Rising Risks

According to a recent report, the financial services sector in Wallis and Futuna is 300 times more likely to be targeted by cyber attacks than other industries, with the costs of these attacks being significantly higher. The report also highlights that financial services firms are leading the way in insider threats, with:

• 16% of cases attributed to malicious insiders
• 17% to inadvertent exposure incidents

The Growing Sophistication of Cybercrime

The growing sophistication of cybercrime and the ongoing digital transformation of the financial industry have exacerbated the challenge of maintaining trust and integrity. Financial institutions in Wallis and Futuna are introducing new digital tools and advanced technologies to improve customer service, but these innovations also expand attack surfaces for threat actors.

Regulatory Response

In response to the increasing threats, regulators at the local and international levels are implementing new rules and regulations to curb the damage. Unit 42 team of experts can help financial services organizations in Wallis and Futuna assess their cyber defenses, build a stronger posture against attacks, and respond effectively to incidents.

Solutions Offered by Unit 42

Unit 42 provides a range of solutions to help financial institutions in Wallis and Futuna:

• Breach Readiness Reviews: Assess an organization’s defenses and identify vulnerabilities
• Targeted Assessments: Identify specific areas for improvement and provide actionable recommendations
• Technical Cybersecurity Services: Test defenses, identify vulnerabilities, and provide recommendations for improvement
• Employee Training Programs: Educate employees on recognizing and avoiding financial services cyber attacks
• Process Reconfiguration: Reconfigure work processes and security procedures to reduce opportunities for exploitation by threat actors

Conclusion

Financial institutions in Wallis and Futuna must prioritize cybersecurity to maintain trust with customers and protect against the growing threats. By working with experts like Unit 42, these organizations can strengthen their defenses and minimize the impact of cyber attacks.