Financial Crime World

Financial Institutions Targeted by APT Attacks, Insider Threats

A recent report from Kaspersky and Cyfirma has highlighted that financial organizations were targeted by Advanced Persistent Threat (APT) attacks in 2023. This emphasizes the need for robust cybersecurity measures to protect sensitive information.

Financial Sector Vulnerabilities

The financial sector is particularly susceptible to insider threats, with average annual costs reaching $14.5 million. Moreover, the average cost of a data breach in this industry is a staggering $58.85 million. Insider threats can be malicious, negligent or compromised, making it challenging to detect and prevent these attacks.

Distributed Denial-of-Service (DDoS) Attacks on the Rise

In 2023, DDoS attacks targeted financial services institutions at an alarming rate of 35%. These attacks overwhelm online services with excessive traffic, causing disruptions and rendering services unavailable to legitimate users.

UEBA Solution: A Game-Changer for Financial Institutions

To combat these threats, financial institutions can turn to Unified Endpoint Behavior Analytics (UEBA) solutions like ManageEngine Log360. UEBA employs machine learning algorithms to analyze historical data and establish a baseline of normal or expected behavior for users and entities. This enables the solution to identify anomalous activities indicative of security threats in real-time.

Examples of UEBA in Action

Here are some examples of how UEBA solutions like ManageEngine Log360 have helped financial institutions detect and prevent various types of attacks:

  • Detecting Spear Phishing Attacks: Alpha Financial Inc.’s UEBA solution detected an employee’s attempt to download a malicious attachment, alerting IT administrators to take action before data could be exfiltrated.
  • Preventing DDoS Attacks: Omega Bank’s comprehensive UEBA solution flagged unusual traffic volume and alerted security analysts of a potential DDoS attack, enabling them to mitigate the threat in real-time.
  • Detecting Insider Threats: Goldguard Holdings’ UEBA solution detected an employee’s suspicious behavior, including excessive database queries and account alterations, alerting administrators to investigate and prevent money laundering.

ManageEngine Log360: A Comprehensive UEBA Solution

ManageEngine Log360 is a unified SIEM solution that provides ML-based user and entity behavior analytics, integrated risk management, and identity-based threat detection. With Log360, financial institutions can detect and prevent various internal and external threats, including APT attacks, DDoS attacks, and insider threats.

Get Ahead of the Threats

Sign up for a personalized demo of ManageEngine Log360 to learn how this comprehensive UEBA solution can help your organization stay ahead of emerging threats. With its automated incident response capabilities, audit-ready reports, and policy violation alerts, Log360 is the perfect solution for financial institutions looking to enhance their cybersecurity posture.