Financial Institution Cybersecurity Risks on the Rise in Saint-Pierre and Miquelon

As financial institutions in Saint-Pierre and Miquelon navigate the current period of market volatility, they are also facing an increased threat of cyberattacks. The region’s financial sector is particularly vulnerable to these attacks due to its reliance on digital transactions and online services.

The Risks

Experts warn that malicious actors may be exploiting this situation by using disinformation campaigns to amplify customer distrust and prey on fear. In addition, cybercriminals may be using stolen credentials and personal data to hijack legitimate accounts and execute fraudulent activities.

Mitigation Measures

To mitigate these risks, financial institutions in Saint-Pierre and Miquelon should prioritize the following measures:

Heightened Monitoring of Insider Activity

• Turbulent market conditions can increase the risk of not detecting insider threats.
• Financial institutions must work closely with vendors and partners to confirm cyber operations resume their business-as-usual mode.
• Leverage data loss prevention capabilities to monitor web and email traffic.

Disinformation Recovery Plan

• Create a disinformation recovery plan aligned with your existing incident and crisis management programs.
• Develop a playbook, periodically test it, and be ready to put it into action when disinformation arises.

Customer Online Account Takeovers and Transaction Activity

• Cybercriminals use stolen credentials and personal data to hijack legitimate accounts and execute fraudulent activities.
• Financial institutions must enforce heightened authentication checks and validation during service transactions with customers.
• Monitor transaction accounts for rapid response and recovery.

Data Trust and Public Information Forums Monitoring

• Prioritize customer-acing data governance, discovery, protection, and minimization practices.
• Monitor mainstream media and social channels for real-time alerts on nascent disinformation campaigns.

Capacity Planning and Scalability

• Assume that there will be a capacity surge and procure necessary licenses and required storage space in advance, especially for networking and security operations.
• Review existing security and performance metrics related to critical cyber defense operations.

Conclusion

In light of these threats, financial institutions in Saint-Pierre and Miquelon must remain vigilant and proactive in their cybersecurity efforts to protect against malicious attacks and maintain customer trust. By prioritizing these measures, they can reduce the risk of successful cyberattacks and continue to provide secure services to their customers.