ARTICLES — September 29, 2021

Three Financial Sector Security Threats To Be Aware Of

Driven by COVID-19, there was a growing number and new form of financial crime. Attacks on the financial sector climbed 238 % globally from the beginning of February 2020 to the end of April, according to cyber security firm VMware. For the financial sector, cybersecurity has become a critical investment.

The obsolescence of the banking information system, digitization of financial services, and migration to the cloud will all raise cyberattack risks over the next three years. Financial industry requires attack detection mechanisms and more sophisticated protection. Here are the top 3 security threats to the financial sector that you should be aware of.

1. A Double-Edge Sword of AI Technology

AI technology plays a big role in the financial sector. But somehow, a double-edged sword lurks beneath this gleaming technology. On the one hand, AI can be a powerful ally in the fight against cybercrime. On the other hand, AI can assist cybercriminals in their attacks on the financial sector. Cyber-criminals can use AI as a weapon to learn human behavior patterns and persuade them to share personal and financial data.

AI may also be used to identify security flaws in our networks, applications, and devices. On the bright side, many providers, such as Telkomsel IoT, have developed increasingly advanced technologies to prevent cybercrime. In the financial sector, cybersecurity automation is becoming prevalent, and AI-based prevention is the strongest weapon to use.

2. Phishing and DDoS

During Covid months, retail and banking industries experience a rise in attacks, most likely due to increased online traffic frequencies. According to Imperva’s 2020 report, in the time of Covid-19 shows that DDoS attacks have increased by 30% in financial services between 2019 and 2020. This appears to be a trend that is set to continue throughout 2021 and more years to come.

3. Advanced Persistent Threats

Advanced Persistent Threats are another serious threat, a stealthy threat actor for the financial sector. This is typically a sponsored group, which gains unauthorized access to a computer network and remains undetected for an extended period. In recent years, cyber espionage has hit the financial sector hard. There is no doubt that the financial sector and service are appealing targets for cyber attackers.

Cybersecurity is a top priority in the post-Covid era, since all data gets increasingly digitized and networked. Any business leader should be aware of the cyber threat they are facing. For financial organizations, they must take proactive measures to protect their data, networks, operations, and, of course, their customers. For your further security and protection business, check out this Telkomsel IoT sphere here.

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