Cybersecurity is a constant battle among companies around the world, but especially in the financial sector.
In a market that evolves every day, these organizations face increasingly complex challenges when it comes to data security.
How can you create a more secure digital ecosystem? Despite the numerous challenges, there are some trends that can help with cybersecurity.
Technology is a great ally for this sector and can make a difference in mitigating risks.
Want to know more? We have separated the main challenges and the best trends in the financial market regarding cybersecurity to help you protect yourself. Read on and find out more.
After all, what are the challenges of the financial sector?
The financial industry faces a number of challenges that can put its operations at risk. Because you deal with a lot of sensitive information and data, it is important to pay attention to the risks so that they can be mitigated.
Ransomware
Ransomware is arguably one of the biggest concerns for the financial industry. Their attacks can paralyze operations and compromise the data security of customers and partners.
According to IBM data, ransomware was the second most common attack in 2022, behind only phishing threats.
These attacks are dangerous as they involve encrypting the victims' data. With this information, the criminals demand ransoms in exchange for the decryption key, causing significant financial losses.
Ransomware is a dual threat, as in addition to harming the integrity of data, it also demands payments for its recovery.
These attacks start with the infection of some system, which can occur through:
· Phishing emails;
· Compromised websites;
· Unpatched vulnerabilities in software.
Once installed on the network, it spreads quickly, encrypts files, and with that, criminals use blackmail to extort their victims.
Cloud service-related threats
With the adoption of cloud computing, the security of data stored and processed on remote servers tends to be vulnerable.
The use of cloud applications is not necessarily dangerous. But, there are some security weaknesses that organizations should be concerned about.
One of these points is information leakage. This is because the URLs of these applications are usually publicly accessible for uploading and downloading files. Therefore, if improper security controls are used, this data can be leaked.
Another very common risk is account hijacking. Criminals can obtain login information and thereby access sensitive data stored in the clouds or even exploit vulnerabilities in network infrastructure.
Lastly, insider threats are very dangerous and can occur to anyone who is unaware of cybersecurity-related risks. Any accident, no matter how small, can make the information public.
Neglect of cybersecurity
Companies in the financial sector face constant cyber threats, as it is an industry that deals with sensitive information. Criminals intensify their attacks on these organizations.
However, many of these institutions do not treat cybersecurity as a priority, which can become a major risk. Opening security holes and allowing criminals to exploit vulnerabilities.
Therefore, it is essential that organizations invest in cybersecurity and prepare their employees to deal with cyber threats.
Trained people who understand security risks are able to protect the organization from attacks.
What are the emerging cybersecurity trends?
Just as threats emerge all the time, there are some emerging trends in the financial industry that help mitigate cybersecurity-related risks. Here's what they are.
Artificial intelligence
Artificial Intelligence is, without a doubt, a revolution for the financial sector. With its rapid evolution, it has become an important ally for organizations in the battle against cyber threats.
Data protection for this industry is essential. Therefore, the adoption of these innovations is an urgent necessity.
With the use of artificial intelligence, companies have real-time answers. They can feed the algorithms that learn from each interaction, as well as identify complex patterns in large volumes of data.
In this way, it is possible to detect advanced threats, identify financial fraud, and mitigate security risks.
AI has become increasingly necessary for organizations in the financial sector. As criminals improve their tactics, threat detection capabilities need to evolve at the same speed.
Zero Trust Security
Zero-trust security is an additional layer of security. It assumes that no one and nothing, inside or outside a network, should be trusted automatically.
As such, teams should promote continuous and rigorous authentication and verification, and limit access to only necessary people.
This establishes security and limits unauthorized access to sensitive information and important data.
Digital Identity Protection
Multi-factor authentication is very important for the financial industry and complements zero-trust security actions.
The use of trusted digital identities and biometrics is becoming increasingly effective in combating identity theft.
With the use of digital protection, you allow only authorized people to have access to the systems. Authentication makes it harder for criminals to access systems and allows for more security.
Is Ongoing Awareness Needed?
These technologies are an extra layer in the security of sensitive information stored daily by the financial industry. But beyond technology, it's important to understand that many of the challenges in this industry arise from human errors and failures.
Ransomware, for example, is caused by people who are unaware of cybersecurity risks and end up clicking on a link, allowing criminals to exploit security holes.
Data leaks in cloud services can arise from improper access, often intensified by the use of weak passwords. Therefore, people need to understand the importance that access offers for the company's security.
In addition, to establish Zero Trust Security, people need to understand that cybersecurity is everyone's job and, therefore, access needs to be controlled.
In order for people to understand the risks and know how to protect themselves, organizations need to invest in information security training and awareness.
Emerging technologies are important, but they alone cannot mitigate risk.
Remember that people are on the front line of the organization and deal with sensitive data and information on a daily basis, so they need to be trained.
Therefore, awareness is an important tool for companies in the financial sector in combating cyber threats.
Attack training and simulations, combined with emerging technologies, combat the risks.
In this way, when organizations invest in these trends and pay due attention to cybersecurity, they are able to protect data, prevent information leakage, and reduce vulnerabilities in their systems.
PhishX in solving the challenges of the financial sector
PhishX is an ecosystem specialized in cybersecurity. We bring security and privacy knowledge to everyone.
Through our platform, companies in the financial sector can educate their employees and partners and initiate a cybersecurity policy.
With this, it is possible to prepare people so that they know how to protect themselves from threats.
Here are some of the actions you can take through our ecosystem.
Campaign Creation and Execution
As we have talked about throughout this text, awareness must be an ally of emerging technologies. Through our platform, companies in the financial sector can create and run awareness campaigns.
In this way, organizations educate people about the risks of ransomware, weak passwords, phishing, and social engineering. These campaigns are key to strengthening the security of organizations.
Triggering of announcements
Our platform offers the triggering of announcements. For cybersecurity to be part of your organization, everyone needs to be informed about actions, training, and risks related to data security.
Effective communication makes all the difference in mitigating risks. In this way, employees and partners will be aware of everything that happens in the organization and everyone will be aligned.
Phishing Tests & Simulations
Phishing is very harmful to companies in the financial sector. It is through emails that cybercriminals send malicious links aimed at breaking into systems. If someone clicks on them, it opens security holes and allows the attack of these crimes.
PhishX tests simulations of phishing attacks. With this, financial organizations are able to assess people's maturity and understand what risks may affect their company.
Easy access to trainings
Through our platform, it is possible to have real-time access to training and simulations. With this, it is possible to monitor the teams and know which people fell in the tests and which of them finished the training.
This allows organizations to monitor employee progress and identify areas that need improvement.
Process Integration and Automation
Through PhishX's API, institutions can integrate our platform with internal systems, such as SIEM and Analytics, to automate cybersecurity processes and improve operational efficiency.
Enabling end-to-end data management and integration, as well as facilitating data auditing and compliance.
Use of Artificial Intelligence
As we have seen, artificial intelligence is the future not only of the financial sector, but in everything that involves technology. Our platform relies on the use of AI to translate and localize content in multiple languages.
In this way, it is possible to expand awareness materials and translate videos, audios, and texts. In addition, PhishX AI is perfect for global businesses.
Our technology ensures that every person, regardless of their language, receives training and communications about the organization.
This facilitates the process of implementing information security and ensures that everyone in the institution receives training correctly.
PhishX offers a variety of features and benefits that help organizations in the financial industry strengthen their cybersecurity posture. Contact us, schedule a conversation and learn more.
