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Cybersecurity and data protection: how to protect your customers

Cybersecurity is critical in any industry dominated by digital transactions and interconnected financial systems.

Financial institutions face cyber threats as the backbone of the global economy, underscoring the need for robust data protection measures.

To help you protect your organization, we delve into financial services cybersecurity and explore critical cybersecurity threats, best practices and strategies to secure your customer and supplier data.

Cybersecurity threats to financial services

Phishing attacks

Cybercriminals use fake emails, messages or websites to trick financial professionals into revealing sensitive information such as login credentials, one-time passwords and critical data.

At stake: Compromise of sensitive customer information, potential financial fraud and damage to the company’s reputation.
Common pitfall: Clicking on misleading emails or messages leads to revealing login credentials or other confidential data.

Ransomware incidents

Financial institutions risk ransomware attacks, where malicious software encrypts critical data and requires a ransom to be paid for its release.

At stake: critical data loss, operational disruptions, and potential financial losses due to ransom payments.
Common pitfall: Clicking on malicious links or opening infected email attachments leads to encryption of essential files.

Threats from within

Employees or insiders with access to data can threaten organizations or even unintentionally compromise sensitive information.

At stake: unauthorized access to financial systems, potential data breaches and damage to internal trust.
Common pitfall: Employees who intentionally or unintentionally compromise sensitive information due to negligence or malicious intent.

Exploitation of mobile banking

As banking becomes a mobile phenomenon, criminals are targeting software vulnerabilities to gain unauthorized access or conduct fraudulent transactions.

At stake: unauthorized access to mobile bank accounts, financial fraud and possible compromise of personal data.
Common pitfall: Weak mobile security practices, such as using insecure networks or falling victim to phishing attacks.

Filling in credentials

Beware of attackers using leaked or stolen usernames and passwords from one platform to access other accounts, as most individuals use similar passwords.

At stake: compromised accounts due to password reuse.
Common pitfall: Using the same credentials on different platforms makes it easier for cyber criminals to abuse access to multiple accounts.

Cloud security risks

As more organizations move to cloud services, security challenges arise data breaches and unauthorized access.

At stake: unauthorized access to data stored in the cloud, potential data breaches and service disruptions.
Common pitfalls: poorly configured cloud settings, inadequate access controls, and failure to monitor cloud infrastructure.

Inadequate endpoint security

Computers and mobile devices used by employees can be susceptible to malware, viruses and other malicious activities.

At stake: vulnerability to malware, viruses and unauthorized access to financial devices.
Common pitfall: Lack of robust endpoint security measures such as anti-virus software and failure to regularly update and patch devices.

Data breaches

Compromising data can often lead to identity theft, fraud and reputational damage for organizations, financial or otherwise.

At stake: compromised customer and company data, regulatory fines and erosion of trust.
Common pitfalls: insufficient data protection measures, weak passwords or exploitation of database vulnerabilities.

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