Securing Financial Futures: Navigating Cyber Threats in 2024 for Financial Services Businesses

2024 will likely become a record breaking year for Cyber Security breaches. For our customers in Financial Services, we cover the latest threats and how to protect yourself from them.

Amidst evolving technology and escalating cyber threats, the traditional caution of finance businesses toward cybersecurity is changing. The landscape shifts as risk aversion wanes, and budget constraints are no longer the sole hindrance.

UK: A PRIME TARGET FOR CYBER THREATS

In the United Kingdom, acknowledged as the world’s second most targeted country, businesses—especially in finance—confront a growing deluge of cyber threats.

This challenge intensifies due to a notable shortage of cybersecurity professionals, leading to increased salaries as organisations endeavour to fortify their digital assets against an expanding array of threats.

COMPLEXITY IN CYBERSECURITY TOOLS

Businesses are adopting various tools to enhance cybersecurity, but they are not immune to challenges such as alert fatigue; an overwhelming number of alerts desensitising the very people tasked with picking them up and acting.

The push for compliance with regulations and the need for risk mitigation guide buying decisions. Frameworks like ISO or Cyber Essentials play a pivotal role in selecting cybersecurity tools. However, the abundance of tools and acronyms like MDR, EDR, and XDR has led to confusion, emphasising the importance of understanding vendor services.

As technology continues to advance, cyber threats become more sophisticated.

In this article, we will explore the four most prevalent cybersecurity threats individuals and businesses should be prepared for in 2024. From data breaches to hacks, cybercriminals are constantly evolving their tactics to exploit weaknesses in systems and networks. Understanding these risks will empower you to proactively defend against them and minimise potential damage.

From data breaches to hacks, cyber threats demand continuous attention. This article provides valuable insights and practical tips to safeguard digital assets, regardless of your role or business size. By implementing necessary security measures, you can mitigate the risks associated with cyber attacks and protect sensitive data.

Join us in exploring the ever-changing landscape of cybersecurity in 2024, and empower yourself with the knowledge to defend against potential threats.

TOP 4 CYBER THREATS TO FINANCIAL INSTITUTIONS IN 2024 AND HOW TO DEFEND AGAINST THEM

In 2024, the financial sector faces unprecedented challenges in the cybersecurity landscape. Furthermore, according to recent statistics, cyberattacks targeting financial institutions are surging. Specifically, cybersecurity breaches reported by financial service providers have risen from 187 in 2021/22 to 640 in 2022/23.

Moving on to specific threats, let’s delve firstly into the realm of Phishing Attacks.

1. Phishing Attacks

Phishing is a type of cyberattack that involves tricking individuals into revealing sensitive information, such as usernames, passwords, credit card numbers, or other personal details.

To recognise a phishing attack, watch for signs such as unusual sender addresses, generic greetings, urgent language, unsolicited attachments or links, mismatched URLs, requests for personal information, poor spelling and grammar, unexpected password requests, and verify with the supposed sender if in doubt.

Defensive Measures:

• Employee training to recognise phishing attempts.
• Implement email filtering systems to detect and block phishing emails.
• Regularly update and communicate security policies to users.

2. Ransomware Attacks

Ransomware attacks are a type of malicious cyberattack where the attacker encrypts the victim’s files or entire system and demands a ransom payment in exchange for restoring access.

A ransomware attack, for example, might start when a user unknowingly clicks on a malicious email attachment, leading to the encryption of their files and a subsequent demand for payment in cryptocurrency in exchange for a decryption key, highlighting the importance of vigilance against suspicious email attachments or links.

Defensive Measures:

• Regularly back up data and ensure restoration processes are tested.
• Implement robust endpoint security solutions.
• Avoid paying ransoms, as advised by the FBI, to discourage further attacks.

3. SQL Injections, Local File Inclusion and Cross-Site Scripting

These attack vectors, including SQL Injections and Cross-Site Scripting, facilitate cyber attacks, making up 94% of observed attacks in the financial sector.

Imagine a website as a house with different rooms storing information. SQL injections are like sneaky attempts to manipulate the locks on these rooms. If successful, the attacker can access, change, or steal sensitive data stored in a website’s database. Cross-Site Scripting is like a cyber trick where attackers inject malicious code into a website or application. When other users interact with the infected site, the code executes on their devices, allowing the attacker to steal information or perform harmful actions.

Vulnerabilities in web applications and software can be exploited, leading to data breaches.

Defensive Measures:

• Regularly update and patch software to fix vulnerabilities.
• Conduct regular vulnerability assessments and penetration testing.
• Implement web application firewalls to detect and block malicious traffic.

4. DDoS Attacks (Distributed Denial-of-Service):

In simple terms, a DDoS attack is like overwhelming a store with so many fake customers that real customers can’t get in, disrupting the store’s normal operation. Financial institutions are often targeted because they have various areas, like banking systems and customer accounts, that can be affected.

DDoS attacks overwhelm servers with fake connection requests, disrupting online services. Financial institutions are targeted due to the diverse nature of their attack surface, including banking IT infrastructure and customer accounts.

Defensive Measures:

• Deploy DDoS mitigation solutions to absorb and filter malicious traffic.
• Strengthen network infrastructure to handle increased traffic during an attack.
• Establish incident response plans to minimize downtime.

In conclusion, safeguarding financial institutions from cyber threats requires a multifaceted approach, including employee training, robust cybersecurity measures, and proactive risk management strategies. By staying informed about evolving threats and implementing effective defence mechanisms, the financial sector can fortify its resilience against cyber adversaries.

SIMPLIFY YOUR PATH AHEAD: NAVIGATE THE CYBER SECURITY COMPLIANCE LANDSCAPE.

Our team has the know-how to help you meet your organisation’s Cyber resilience goals. We’ve assisted other Mid-sized financial enterprises with similar challenges, so we understand how it all fits together. We’ll help you handle cybersecurity in a straightforward way. Redefine how you deal with risks, and together, we’ll make sure your digital world is secure and thriving.

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