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New White Paper - Growing Risks Make Financial Services Organizations Ripe for Advanced Cybersecurity Threat Protection

Many financial services firms have embarked on digital transformation and cloud-computing adoption to increase productivity and enhance customer experience, but business operations and reputations are on the line if proper cybersecurity threat protection protocols are not implemented. And because firms in this industry store, transmit, and process a large magnitude of sensitive information through web applications and portals, they are a perfect target for cybercriminals to exploit. The combination of these facts – along with the growth in demand from customers, business partners and investors for any time / anywhere access to their financial information, as well as the considerable regulatory, business and technological changes in financial services environments today – has increased the need for secure networks and infrastructure.

Common Attack Vectors

Cybercriminals are increasingly exploiting IoT blind spots, privacy loopholes for mobile and cloud jacking, and network / software vulnerabilities to gain access to valuable information. According to IBM’s 2021 X-Force Threat Intelligence Index, financial services and insurance are the top two most cyberattacked industries for the fifth year in a row. Let’s take look at the attack vectors most often used to breach financial service firms:

  • Social Engineering tactics are used by attackers on unwary users who upload, download, receive, open, and edit many types of files every day.
  • Insider Threats accounted for 44% of breaches per the 2021 Verizon Data Breach Investigation Report. Organizations need to limit user access, detect and redact (or block) sensitive data, audit and track role-based access, and encrypt stored data both from malicious insiders and inadvertent employee mistakes.
  • Sponsored Attacks on financial firms are increasingly being targeted by Nation-States to gain a backdoor for espionage, to disrupt and destabilize the economy, or to exploit strategic intelligence.
  • Web Portals, Applications and Productivity Files are essential for the effective functioning of an organization, but they pose significant risks. Malicious code, macros, hyperlinks and more can be concealed in common files necessary for day-to-day operations and can breach an organization’s entire IT infrastructure.

2/3

of large financial services companies suffered a cyber-attack in the past year1

43%

of breaches involved targeting of web applications2

25%

of all malware attacks target financial services3


Each financial service organization has different workflows and unique security needs. When designing a cyber threat protection strategy, there are many controls you can put in place to mitigate risks. . Download our White Paper to learn more about how financial service organizations can protect client financial data from malware and zero-day attacks.

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How OPSWAT Can Help

OPSWAT is committed to preventing threats and zero-day attacks for secure data transfer across your network, applications, and customer operations. With almost two decades of experience in securing critical infrastructure systems, OPSWAT technologies integrate advanced malware protection and detection into your IT solutions and applications. OPSWAT MetaDefender – our advanced threat prevention solution for file upload security, secure storage, email security, cross-domain solutions, and malware analysis is used by financial institutions that require even the highest level of security.

For more information, please contact one of our cybersecurity experts.

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