Finance
Third-Party Risk
Third parties, including vendors, partners, e-mail providers, service providers, web hosting, law firms, data management companies, subcontractors could easily be a backdoor into financial systems for attackers to infiltrate.
Ransomware
Ransomware attacks against energy companies around the world are typically aimed at causing these companies to suffer enormous financial losses. In addition to high ransom demands, time spent patching threats and protecting data, and time wasted navigating the threat landscape.
Insider Threats
With more than 30% of people now working remotely, connections to unsecured networks will be established. While some attacks are vindictive, the problem within Finance is that many employees / insiders are totally unaware that they are a threat in the first place.
Financial institutions that hold data on consumers, including banks, investment firms, real estate companies, retail banking and insurance, are a prime target of cyber threats. And if there is a vulnerability in processes, technology or people, it will be targeted. Unless an attack is of a personal nature, in which the reputation of an individual or institution is targeted, monetary assets are the end of the game.
Financial institutions must have the superior technology to deal with cyber threats. To protect the data, access the database in order to avoid incurring huge financial losses.
Financial institutions must take cyber risks seriously. Security experts must have the ability to detect, respond to and understand the context of a risk. And technology must be superior to deal with cyber threats such as Insider Threats, Ransomwares, and Third-Party Risk. Not only should the strategies be implemented internally, but the training of all staff should be actively encouraged.
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