Cyber Threats in Financial Services: A Growing Concern

The financial services industry has been experiencing a significant increase in cyber threats, with a 30% spike in DDoS attacks coinciding with the start of the pandemic. This surge in attacks has highlighted the vulnerability of payment processes to password login attacks and DoS attacks, which can cause substantial financial losses and reputational damage.

Key Statistics on Cyber Threats in Financial Services

• DDoS Attacks: Finance is within the top three industries most targeted in DDoS attacks between 2020 and 2021.
• Multi-vector DDoS Attacks: These have risen by 80% in 2021 compared to the same period in 2020.
• Supply Chain Attacks: Advanced Persistent Threats (APTs) account for 50% of observed supply chain attacks, with APT29, APT41, Thallium, Lazarus, TA413, and TA428 being notable examples.
• Bank Drops: The average price range for fullz data on the dark web is $15-$60 per record.

Defending Against Cyber Threats

To protect against these cyber threats, financial services can implement various security controls, including:

• Third-Party Risk Management (TPRM): Identifying and mitigating risks associated with third-party vendors.
• Multi-Factor Authentication (MFA): Enhancing login security through additional verification methods.
• Firewalls: Blocking unauthorized access to sensitive systems and data.
• Attack Surface Management: Monitoring and managing the attack surface of an organization’s systems and networks.
• Learning TTPs (Tactics, Techniques, and Procedures): Analyzing and adapting to tactics used by attackers.
• Security Ratings: Evaluating the security posture of vendors and partners.
• Regular Data Backups: Ensuring business continuity in case of a successful attack.

By implementing these measures, financial services can reduce the risk of successful attacks and protect sensitive customer information.