Financial Crime World

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Cybersecurity Risks in St. Helena’s Financial Sector Exposed by Trustwave Report

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A comprehensive report by cybersecurity and managed security services provider Trustwave has shed light on the distinct cybersecurity threats facing financial services organisations in St. Helena. The report, “2023 Financial Services Sector Threat Landscape: Trustwave Threat Intelligence Briefing and Mitigation Strategies,” explores the specific threats and risks the sector faces, along with practical insights and mitigations to strengthen defenses.

Financial Services Organisations at Risk

The report highlights that financial services organisations are attractive targets for cyberattacks, serving as repositories of wealth and storing large volumes of sensitive data, including:

  • Customer information
  • Financial records
  • Intellectual property

The Clop threat group accounted for 39% of ransomware incidents targeting the sector, with a majority of targeted companies reporting a breach from the US.

Threat Landscape

The report also reveals that:

  • HTML attachments make up 78% of file types being used for email-borne malware attachments
  • 33% of these files employ obfuscation as a means of defense evasion

Trustwave SpiderLabs has documented the attack flow utilised by threat groups, exposing their tactics, techniques, and procedures.

Quote from Trustwave CISO

“This report is a valuable resource for security leaders within the financial services sector, providing a comprehensive view of the threats observed by our SpiderLabs team, along with specific mitigation strategies to help organisations protect extremely sensitive data and assets,” said Trustwave CISO Kory Daniels. “Cybersecurity is the foundation of trust in the financial services industry. For financial institutions, it isn’t just about protecting data, it’s about safeguarding the financial well-being and peace of mind of customers.”

Conclusion

The report serves as a resource for financial services organisations to understand and combat the multitude of attack groups, malware variants, and techniques deployed against them. The unique cybersecurity challenges faced by the financial services industry include:

  • Usage of sensitive data
  • Heavy regulation
  • Complexity of partnerships
  • Importance of trust to the industry

This report provides valuable insights and mitigation strategies for security leaders within the financial services sector to protect their organisations from these threats.