The banking and finance industries deliver more services online now than ever before due to the pandemic. As a result, banking cybersecurity became more important than ever this year. Some of the threats to big data security in recent years included ransomware attacks, the growth of contactless payments, mobile malware attacks and even data breaches of major banking and finance apps.
Take a look at some of the major stories related to finance cybersecurity. How can IT executives and finance professionals enhance cyber defenses in banking, enhance customer security and reduce attacks?
Quick Briefs: Top Banking & Finance Cybersecurity Insights
The Security Risks of Contactless Payments
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Contactless payments were on the rise before the pandemic, but their adoption soared during it. According to an article by FintechTimes.com, 51% of people adopted mobile wallets and radio frequency ID payment cards at the beginning of the pandemic, and 58% of people said they were more likely to use contactless payments than they were prior to the pandemic.
Contactless payments present security risks not just to retailers, but to banks and financial institutions that process the payments. Using it, attackers can create cloned cards or launch a variety of scams.
Self-Assessment: How You Can Improve Financial Services Cybersecurity
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Finance cybersecurity affects everyone, from chief information officers within an organization to the consumers who use its services. Following the bare minimum of standards and regulations is not enough to ensure customers’ privacy and their funds. That’s even more true when dealing with funds not covered by Federal Deposit Insurance Corp. insurance, such as cryptocurrency.
When it comes to finance cybersecurity, a self-assessment can help you increase your organization’s database security and mitigate risks. Present these questions to your team at least quarterly, with a mindset of willingness to change:
- Do you understand the finance cybersecurity risks and threats facing you?
- Are you running security assessments?
- Do you have a security-minded culture?
- Are the right human and financial resources in place for success?
Even if you don’t score five out of five, performing the assessment will provide a clear picture of the areas to work on.
What Is Ghimob Malware?
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The past two years brought a new threat to banking: an Android malware strain called Ghimob. The Trojan virus mimics third-party mobile apps to steal user data.
Organizations can protect themselves from this threat by:
- Learning how the virus works
- Adding multi-factor authentication and anomaly detection into their apps
- Encouraging users to follow mobile security best practices.
Telegram Messenger Ads for ‘Hacker’ Software Hide Cryptocurrency Theft
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The growth of cryptocurrency has led to new avenues for threat actors to make fast money and disrupt systems through malware. One Telegram messenger app ad targeted crypto owners by infecting their systems with malware. The ad was for an app called HackBoss, which attracted users looking to make money themselves through less-than-savory means.
The irony? Many of the crypto wallet addresses attacked by the malware were empty, created to trick users into buying fake software. It was a case of scammers scamming scammers.
Nevertheless, the threat is real. Experts say the threat actors may have stolen as much as $560,000 or more from wallets belonging to actual crypto owners. And it’s not the only malware attack targeting digital wallets.
How can organizations defend against this new and growing threat?
- Confirm wallet addresses prior to transferring currency
- Exercise extra caution when dealing in crypto
- Set up multi-factor authentication.
More on This Topic
The pandemic has affected digital safety in as many varied ways as it has affected the economy. With customers careful about touching more surfaces than they had to during the early years of COVID-19, mobile payments and contactless card use were up, according to the National Retail Foundation.
In other recent news, the BBC profiled the people who have the most to lose from crypto breaches, such as a taxi driver whose £2,100 ($2,286) in stolen crypto was a year’s worth of savings. Plus, PC Risk magazine taught readers how to remove the Ghimob Trojan.
Dawn Allcot is a full-time freelance writer specializing in technology, cybersecurity and finance. Her work regularly appears at GoBankingRates.com, IBM Secu...