Unless an attack is of a personal nature, in which the reputation of an individual or business is targeted, monetary assets are the endgame. And if there is a vulnerability in either processes, technology or personnel, it will be targeted.
Insider Threats
While some attacks are vindictive, the issue within Finance, is that many employees/insiders are completely unaware that they are a threat in the first place. With over 30% of people now working remotely, connections to unsecure networks will be made.
Ransomware
Ransomware attacks on financial organisations across the globe have risen. High ransom demands, time spent on remediating threats, safeguarding data and time lost on navigating the threat landscape puts organisations at a tremendous financial loss.
Third-Party Risk
Third parties, including vendors, partners, e-mail providers, service providers, web hosting, law firms, data management companies, subcontractors could easily be a backdoor into financial systems for attackers to infiltrate.
Effective security always comes down to three key elements. Processes, people and technology.
Processes must run seamlessly alongside the organisation. Security experts must have the capability to detect, react and understand the context of a risk. And the technology must be superior, to keep up with cyber threats. All elements are equally as important, and you must have all three to ensure security.
‘Financial companies have tackled a cyber-attack or will be the target of one.’
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