Financial Crime World

Financial Institutions Face Growing Threats from Insiders and External Attackers

As the financial sector continues to rely heavily on digital infrastructure, it has become increasingly vulnerable to threats from both internal and external sources. The financial sector is no stranger to cyber attacks, but recent statistics show that insider threats are particularly costly.

Insider Threats: A Growing Concern

According to recent statistics, insider threats have resulted in average annual costs of $14.5 million for finance companies, with a single data breach costing a staggering $58.85 million.

Distributed Denial of Service (DDoS) Attacks on the Rise

In 2023, 35% of all DDoS attacks targeted financial services institutions, causing disruptions to online banking and trading services. These attacks are often launched by hackers who overwhelm a bank’s online systems with excessive traffic, rendering them unavailable to legitimate users.

Combating Financial Sector Threats with UEBA Solutions

Unified Endpoint Behavior Analytics (UEBA) solutions have emerged as a critical tool in the fight against financial sector threats. By analyzing historical data and establishing a baseline of normal behavior for users and entities, UEBA solutions can detect anomalies indicative of security threats and alert administrators in real-time.

Examples of UEBA in Financial Services

  • Alpha Financial Inc.: Detected a spear phishing attack after its UEBA solution flagged unusual activity on the company’s network.
  • Omega Bank: Used a comprehensive UEBA solution to detect and mitigate a DDoS attack, flagging unusual traffic volume and alerting security analysts.

Preventing Insider Threats

UEBA solutions can also detect insider threats by monitoring the activities of privileged users with access to critical systems and data. For instance:

  • Goldguard Holdings: Detected an employee’s attempt to launder money after its UEBA solution flagged unusual database activity.

ManageEngine Log360: A Comprehensive Solution for Financial Institutions

To combat these threats, financial institutions can rely on solutions like ManageEngine Log360, which provides:

  • ML-based user and entity behavior analytics
  • Integrated risk management
  • Identity-based threat detection

With its automated incident response capabilities and audit-ready reports, Log360 enables financial institutions to respond quickly to threats while maintaining compliance with regulatory requirements.

Take Action Today

To learn more about how UEBA solutions can help protect your financial institution from insider and external threats, sign up for a personalized demo of ManageEngine Log360 today.