ARTIKEL — 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.

NEWS — Oct 08, 2021
Top Business Rationale for Digital Transformation

With the unexpected and big shock of Covid-19 pandemic, digitiz

READ MORE >>
NEWS — Jun 16, 2021
How 5G Can Transform Indonesian Manufacturing

Augmented reality for factories and other innovations are made

READ MORE >>
NEWS — Aug 18, 2021
Remote Monitoring: How It Can Enhance the Cold Chain Industry

Learn how remote monitoring can enhance Indonesia’s cold chai

READ MORE >>
NEWS — Jan 27, 2021
In a Time of Uncertainty, It is Important to Reskill Your Workforce

Uncertain times force companies to develop different strategies

READ MORE >>
NEWS — Aug 26, 2020
Maintaining Business Continuity and Mitigating Risks Post-Global Pandemic

The global pandemic made maintaining business more challenging,

READ MORE >>
NEWS — Jan 06, 2021
The 5 IoT Trends Business Should Look for in 2021

2020 has been a crucial year for IoT, but most of its potential

READ MORE >>
NEWS — Jul 30, 2021
The Major Setback of Indonesia's Manufacturing Sector

Take a closer look upon some challenges in Indonesia’s manufa

READ MORE >>
NEWS — Sep 27, 2019
Debunking 4 Smart Metering Myths

Smart meters have the ability to help communities in using powe

READ MORE >>