Financial service firms are one of the primary victims of
cybercrimes. The industry has been a target for data
breaching, spear-phishing, and social engineering.
Cybercrime has jumped to the second most reported economic crime in PWC’s Global Economic Crime Survey and financial institutions are prime targets. As cybercriminals find new ways to attack, breach, and exploit organizations, threat patterns such as phishing, spear-phishing, and social engineering evolve and become more sophisticated. Financial organizations need solutions that assess vulnerabilities and their vendor’s vulnerabilities in real-time. Cybersecurity departments for financial organizations face compounding challenges. Threats from cybercrime have increased and legacy IT systems are increasingly becoming a risk factor, especially in the financial industry. Many financial organizations rely on legacy IT systems that are expensive to maintain, prone to more unpatched vulnerabilities and the general challenges of software integration and architecture upgrading compound when mergers and acquisitions are in place. As banks continue to grow through acquisition, legacy systems from the acquired organization—and the vulnerabilities that come with them—can remain in place for years.
Here are some article excerpts about cybersecurity threats, malware news, and other cyber udates in Financial Firm Services