"5 Biggest Threats To Cyber Security In The Banking Industry"​ (2024)

The cybersecurity landscape is always shifting, with threats becoming more sophisticated all the time. In the banking and financial sector, the stakes are high: not only are large amounts of money at stake, but when banks and other financial systems are compromised, the disruption to the economy as a whole can be significant.

A key priority for banks should be raising awareness of cybersecurity issues among employees and making the most of innovative communication tools, such asDeskAlerts, to cut through the digital noise and ensure that important information is being received.

The top cybersecurity threats in 2022 for banks

These are the top threats that are predicted to continue to cause grief for banks and financial institutions over the course of 2022.

1. Ransomware

Ransomwarehas been a major headache for organizations around the world for several years now and doesn’t look like stopping any time soon. This is a method of cybercrime where files are encrypted and users are locked out, with the criminals demanding money to re-access the system.

Organizations affected by ransomware attacks can find their systems crippled for extended periods of time, particularly if they don’t have backups.Paying ransoms to these criminals is also not guaranteed to result in your systems access being restored.

2. Ongoing risks from remote work

As the pandemic enters its third year, the reliance on remote work, hybrid workforces and cloud-based software systems has become almost ubiquitous. This also means that financial institutions have more potential cybersecurity vulnerabilities than ever before. Employees are no longer always accessing data on systems and networks that are controlled by the organization, so extra vigilance is necessary.

3. Cloud-based cyberattacks on the rise

As more software systems and data are stored in the cloud, cybercriminals have seized upon this and as a result an increase in cloud-based attacks has been one of the most prevalent cyber threats to the banking industry. Banks need to ensure that the cloud infrastructure is configured securely to protect from harmful breaches.

4. Social engineering

One of the biggest threats to banking and finance is social engineering. People are often the most vulnerable link in the security chain – they can be tricked into giving over sensitive details and credentials. This can equally affect a bank’s employees or its customers.

Social engineering takes many forms, it might be through phishing or whaling attacks or it could be by sending bogus invoices that purport to be from a trusted source. It’s important to keep your employees informed about social engineering tactics and how these threats continue to evolve.

5. Supply chain attacks

An increasingly popular method of malware distribution by cybercriminals is to target a software vendor and then deliver malicious code to customers and others in the supply chain in the form of products or updates that on the surface appear to be legitimate. These attacks compromise the distribution systems and enable the cybercriminals to enter the supplier’s customers’ networks.

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