Analyzing critical cyberattack vectors within financial institutions
Understanding potential cyberthreats while minimizing risks
WHITE PAPER |
Financial institutions are heavily regulated because of the sensitive information used by the industry and the importance of banking to the economy. Despite regulatory safeguards, however, attackers continue to successfully develop new methods to compromise banking systems and gain access to critical applications that contain sensitive information. Cyberattacks can come in many forms, from skilled cybercriminals and rogue employees to social engineering and malicious software attacks.
Even with significant regulatory attention and required protections, financial institutions are just as vulnerable to cyberattacks as other industries, perhaps more so, given the value of the information they possess. The key is to stop an attack when it is merely a security incident and not yet a full-blown data breach.
A recent cyber insurance claims study found that financial institutions accounted for 13 percent of cyber insurance claims, with an average of $588,000 in costs related to a breach. These figures reflect the urgency required to address cybersecurity threats within financial institutions. Not only are institutions at a significant risk of an incident, but the resulting financial impact can be significant.
While financial institutions can encounter a host of different cyberattack methods, we have identified three attack vectors that are most often seen in the industry:
- Business email compromise and wire transfer fraud
- Insider threats or malicious users
Learn more about these three cyberattack types by reading this white paper, which includes a brief overview and relevant case studies. Understanding the potential threats and lesson learned can help your institution respond to and mitigate potential cyber threats.