Cyberattacks, cybercriminals, data breaches and fraud — these are some of the scariest security topics for any financial services organization. We’re kicking off October with a FIN List that has the latest on these frightening trends. Read on for all the chilling details!
- When it comes to fighting cybercrime, it’s survival of the fittest. The challenge to overcome cybercrime has turned into an arms race. Financial institutions must have technology that’s better than the hackers’ “weapons,” and actions need to be proactive, not reactive. Banks with the strongest cybersecurity defense — and those that are doing more than the competition — will be in the best position; the hackers may well target the weak.
- Cybersecurity: A question of when, not if. If you believe the latest figures and projections, financial institutions are spending more on cybersecurity solutions — while at the same time, cybersecurity attacks continue to rise. This disconnect can only mean that many organizations are spending budgets on new technologies before conducting holistic and comprehensive risk assessments to understand which risks and threats they need to mitigate — and in which priority.
- New fraud detection controls from SWIFT. To help financial institutions better spot attempted fraud, the SWIFT interbank messaging network plans to begin offering voluntary “daily validation reports” to customers in December. The move will help anti-fraud teams better spot unauthorized attempts to move money via SWIFT.
- Yahoo’s data breach could impact banks. In what’s being hailed as the “world’s biggest” data breach, names, email addresses, phone numbers and even more personal data from 500 million Yahoo users — a large percentage of them bank customers — were stolen. For banks, it’s one more reason to deploy multifactor authentication to prevent hackers from breaking into servers, and it’s one more security concern to educate customers and employees about.
- Want to stop hackers? Start thinking like one. In the financial services sector, the best defense is a good offense. When it comes to cybersecurity, sometimes the best strategy to thwart a hacker — outside of technological barriers —is to try and think like one. That includes getting inside the cybercriminal’s mind by asking three key questions: What industry should I attack? What vulnerabilities should I expose? How can I exploit human weakness?
Be sure to follow us on the blog and on LinkedIn to keep up with the latest industry trends. And don’t forget to check back next Wednesday for the latest FIN List.