For many, this is not surprising. It’s not difficult to see what makes banks appealing to cybercriminals.
Besides direct monetary gain, threat actors can obtain the sensitive information of millions of people who trust their bank with their personal data.
Banks are already investing a lot in cybersecurity — especially as they add more convenient services such as mobile applications and online banking for their users.
So why are successful breaches of financial institutions still headlining in the news?
For starters, let’s take a look at the latest cybersecurity breaches to get a sense of how cybercriminals exploit weaknesses to breach financial institutions.
Recent Banking Breaches
What can we learn from the latest hacking of financial institutions? When we compare recent cyber incidents in the financial sector, clear patterns emerge:
● A successful cyberattack can set financial institutions back millions
● Hackers use versatile methods to obtain sensitive data or financially damage institutions
● Even major banks that already allocate a lot of resources towards cybersecurity can be breached
● Financial damage is not necessarily the hacker’s endgame
In April 2022, the platform Beanstalk Farms reported a loss of $180 million in Bean cryptocurrency. Hackers exploited voting rights to obtain the currency and caused a decrease in the value of the Bean.
In the last couple of months, researchers have uncovered different malware that has been used to target financial institutions.
For example, in South Korea, they spotted Fakecalls. This trojan called victims and impersonated banking officials, urging them to disclose banking information and make transfers.
Some of the major financial institutions that have recently fallen victim to cyberattacks include Block and Flagstar Bank.
Flagstar Bank’s perpetrators leaked the social security numbers of 1.5 million users after a data breach.
Layered Security to Protect Finances
What kind of cybersecurity do financial institutions need to deploy on their premises to avoid such attacks?
Comprehensive and layered cybersecurity. This means having different tools, protocols, and systems that cover any possible weak spot within the infrastructure itself. Cybersecurity mesh can improve collaboration between various security solutions.
Instead of working in silos, the model integrates the architecture into a more flexible and collaborative one. Companies that adopt this approach can add more security tools as they grow, as well as adjust security functions based on their needs.
What’s more, to continually monitor movement within the infrastructure, CSMA utilizes the power of artificial intelligence. This delegates repetitive tasks to IA and frees up time for cyber analysts, enabling them to allocate more resources toward mitigating advanced threats.
Final Word
Financial institutions already invest a lot in their security because there’s a lot at stake.
Losses following an attack include people whose sensitive information has been stolen, different currencies (e.g., crypto), leaked portfolios, and lost life savings.
Recurring attacks can, and often do, lead to a lack of trust and therefore, loss of clients.
To protect users' personal information — which in the case of financial institutions can lead to data leaks and further attacks on different infrastructures — it’s necessary to deploy strong and layered security.
Recent major attacks on financial institutions have shown that institutions have to guard their assets against different types of attacks — even from those they can’t yet expect.
Cybersecurity Mesh Architecture encourages working smart instead of hard by uniting the tools a business would use in a single infrastructure.
For many, this is not surprising. It’s not difficult to see what makes banks appealing to cybercriminals.
Besides direct monetary gain, threat actors can obtain the sensitive information of millions of people who trust their bank with their personal data.
Banks are already investing a lot in cybersecurity — especially as they add more convenient services such as mobile applications and online banking for their users.
So why are successful breaches of financial institutions still headlining in the news?
For starters, let’s take a look at the latest cybersecurity breaches to get a sense of how cybercriminals exploit weaknesses to breach financial institutions.
Recent Banking Breaches
What can we learn from the latest hacking of financial institutions? When we compare recent cyber incidents in the financial sector, clear patterns emerge:
● A successful cyberattack can set financial institutions back millions
● Hackers use versatile methods to obtain sensitive data or financially damage institutions
● Even major banks that already allocate a lot of resources towards cybersecurity can be breached
● Financial damage is not necessarily the hacker’s endgame
In April 2022, the platform Beanstalk Farms reported a loss of $180 million in Bean cryptocurrency. Hackers exploited voting rights to obtain the currency and caused a decrease in the value of the Bean.
In the last couple of months, researchers have uncovered different malware that has been used to target financial institutions.
For example, in South Korea, they spotted Fakecalls. This trojan called victims and impersonated banking officials, urging them to disclose banking information and make transfers.
Some of the major financial institutions that have recently fallen victim to cyberattacks include Block and Flagstar Bank.
Flagstar Bank’s perpetrators leaked the social security numbers of 1.5 million users after a data breach.
Layered Security to Protect Finances
What kind of cybersecurity do financial institutions need to deploy on their premises to avoid such attacks?
Comprehensive and layered cybersecurity. This means having different tools, protocols, and systems that cover any possible weak spot within the infrastructure itself. Cybersecurity mesh can improve collaboration between various security solutions.
Instead of working in silos, the model integrates the architecture into a more flexible and collaborative one. Companies that adopt this approach can add more security tools as they grow, as well as adjust security functions based on their needs.
What’s more, to continually monitor movement within the infrastructure, CSMA utilizes the power of artificial intelligence. This delegates repetitive tasks to IA and frees up time for cyber analysts, enabling them to allocate more resources toward mitigating advanced threats.
Final Word
Financial institutions already invest a lot in their security because there’s a lot at stake.
Losses following an attack include people whose sensitive information has been stolen, different currencies (e.g., crypto), leaked portfolios, and lost life savings.
Recurring attacks can, and often do, lead to a lack of trust and therefore, loss of clients.
To protect users' personal information — which in the case of financial institutions can lead to data leaks and further attacks on different infrastructures — it’s necessary to deploy strong and layered security.
Recent major attacks on financial institutions have shown that institutions have to guard their assets against different types of attacks — even from those they can’t yet expect.
Cybersecurity Mesh Architecture encourages working smart instead of hard by uniting the tools a business would use in a single infrastructure.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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