Cyber Threats Every Financial Services Firm Should Know About
Well, we all know how advanced and dangerous cyber criminals are nowadays. They continuously finding new ways to trick the users. They, mostly target the financial services firm as it makes it easier for them to earn huge money. Well, for Financial Firms it is very important to know and understand the treats which is mostly used by the hackers. Anyway, according to the correlating sector data and analyzing all the changes a brief overview of some latest tactics and threats that is important for professionals in financial firm is listed bellow. With this overview you can know the prospect which can help you to ignore the chances of being hacked and can minimize you damage too.
Social media attacks :- Well, social media platform is now like the favurite platform for the the hackers to perform their mischievous tactics. There were various notable examples of cyber criminals misusing social media profiles. Well, hiding behind forged profiles in order to gain trust and extract crucial information for the purpose of social engineering purposes is the most use method of hacker. In the year, 2015 both Twitter and Facebook began continuously monitoring for suspicious activity and informing users if their accounts had been compromised. Hacking a social media account is now not a tough task for the users anymore.
Reference : https://en.wikipedia.org/wiki/Social_Hacking
Spear phishing :- Well, spear phishing assaults eyewash as a legitimate individual and co-opt their their built up trust to constrain the targets into giving credentials to the assailant Whaling, targeting several victims to maximize the earning, hackers takes this technique to even next level in 2015. It includes spoofing spam attachments – often those of CEOs – to trick finance departments in order to make large money transfers into fraud accounts. Moreover, the directive often includes a certain URL that appears to be a quite genuine financial services website but in reality it misguide the target to different site.
ATM malware :- In past few time many ATM-specific spyware threats is been programmed by the hackers. GreenDispenser infects ATMs and enables the cyber crooks to extract huge amount of money without even being detected. Moroever, Reverse ATM attacks ws also discovered. Well, these assaults use a combination of victimized PoS terminals and ‘money mules’ with the motive to reverse transactions once the money is withdrawn.
Payment Gateway Attack :- With the rise of uses in payment gateway platforms for money transaction now cyber criminals has a new opportunity to make easy money. They now hack and compromise the payment gateway used by financial firm in order to extract money. They target the loopholes of your payment processor and get easy accees of your money.
Point-of-Sale malware :- PoS or Point-of-sale malware is another mischievous tactics utilized by the hackers in order to extract money illegally from Financial Firms. In this technique systems remain a target for hacker in spite of the adoption of the MasterCard Europay, and Visa (EMV) standard. Well, there are a number of kinds of POS malware such as LusyPOS and BlackPOS. Well, there are few evidence found too that suggest it is possible to care a clone of EMV credit cards.
Sophisticated Financial Services Threats :- In the year 2015 many threat used sophisticated TTPs to invade into organizations and steal crucial data. Well, TTPs usually makes use of of network intrusion, spear phishing, techniques and custom malware toolsets etc. An organized gang Anunak/Carbanak break in internal networks and installed malicious application in order to take complete control over victims computer to drain bank ATMs of cash and also steal money with the help of SWIFT network.
Other Threats :- Dridex was quite much in buzz last year and has gathered amazing international law-enforcement attention. Moreover, Exploit kits, is another quite nasty threat that offer a very user-friendly method for hackers to infect targeted users. It is also severely active with few more popular kits, for example the Angler Exploit Kit which is capable to avail to take the advantage of new vulnerabilities in a surprisingly quick time.
Well, the Financial Services Firms are likely to witness cyber threats much frequently than any other sector. The common reason behind this is quite obvious with Financial firms the chances of extracting huge money is more than any other Industry. Meanwhile the companies as well as the law enforcement are trying their best to detect and overcome these attacks as much as possible. They are trying to get rid of the groups behind them. Organizations must concentrate for better threat protection and risk mitigation. Well, in order to save themselves from any kind of critical damage they must identify the threats which can harm them the most. It is quite important to understanding which which threat is dangerous for them, how the work, and how to protect yourself against them.
Well, the attackers are not going to stop here. They will find new way to compromise the victim and next the danger will be rather higher. Financial Services Firms need to be alarmed and prepared to deal with even bigger and critical threats. They should also focus on better and more enhanced multi-layer security system and an advanced response team who can rapidly deal with critical hacks and minimize the damage in time. Lastly prevention is way better than cure hence, financial firms should be strictly follow all the prevention measures as if it not stop the hackers then it will at least make it harder for them to compromise the target.