Cybersecurity Trends in the Banking Industry

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Cybersecurity trends in the banking
industry www.vehere.com Casestudy Banking
Cybersecurity Solution
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INTRODUCTION

• The banking and financial sector has always been
  a lucrative target for cybercriminals because of
  the huge amount of data and resources that get
  transferred. Like in all industries, there has
  been a sharp spike in cyber threats and attacks
  in the banking sector since the outbreak of the
  Covid-19 pandemic.

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DIGITAL BANKING-RELATED CYBERSECURITY INCIDENTS
IN INDIA
Source CERT-In
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GLOBAL VIEWPOINT

• Attacks on banks constitute 47 of financial data
  breaches

Bank and financial sector is the target of 25 of
all malware attacks
5.86 million
Average cost of a breach in financial segment
27 of cyberattacks post pandemic target banks or
healthcare organizations
Rise in cyberattacks on banks in 2020.
238
Source Purplesec, IBM Security Cost of a Data
Breach Report, Fintech News
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TRENDS CONCERNS IN THE BANKING SECTOR
The attack surface area has grown owing to
digital transformation
The nature of attacks and threat vectors are
constantly evolving
Adversaries are extremely persistent with the
attacks
Providing secure access to customers for online
and digital banking
The architecture of the Banking Infrastructure is
very complex
Cybersecurity is a top priority for the banking
sector and the budgetary allocation for the same
is improving
Adhering to compliance norms is also a steep
challenge
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TYPES OF ATTACKS
Bypassing anti-fraud mechanism
Phishing and spear phishing
ATM Malware attacks
TYPES OF ATTACKS
Impersonation and identity theft
Ransomware attacks
Account-related deception
Insider threats
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IMPLICATIONS
Financial losses for the customer and the
organization
A cyber-breach has a high potential of adversely
affecting the brand image of an organization
Leaked data gets circulated on the dark web and
used for malicious activities.
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