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A definitive handbook on minimizing risk in the digital age.
January 12, 2024
A recent study by Sophos, a security software and hardware company, reveals that ransomware attacks on financial services increased to 64% in 2023, almost double the 34% reported in 2021.
Another report by IBM Security and the Ponemon Institute suggests that the average cost of a data breach reached an all-time high of $4.45 million in 2023. The report also notes that the financial sector experienced average data breach costs of $5.90 million in the year.
Given these statistics, the financial service sector in 2024 faces significant challenges in the form of cyberattacks and data breaches. To survive against these formidable odds, firms need a robust cybersecurity strategy.
This cyberattack involves using email, SMS, phone calls, social media, and social engineering techniques to trick victims into disclosing sensitive information or downloading malicious content that can infect their devices.
It is an intentional attack that aims to overload a company’s network or website with fake requests, making it inaccessible to its intended users.
These cybersecurity threats originate with authorized users. As a result, it is necessary to ensure that employees, contractors, and business partners cannot misuse their legitimate access or exploit their position to compromise the security and integrity of data, systems, or assets.
Also known as a third-party attack, a supply chain attack involves using third-party tools or services to infiltrate an organization’s system or network. These cyber-attacks can seriously threaten financial institutions, often connecting with other entities such as vendors, service providers, banks, and insurance companies.
During a ransomware attack, cybercriminals lock users out of their computer devices by encrypting them with malware. They then demand a ransom payment to restore access.
As technology advances, so do the methods and tactics of cybercriminals. Use the above guide to understand the financial industry cyber threats and implement proactive measures to safeguard against evolving risks.
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This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.
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