Threats facing financial institutions in 2021
TECHNOLOGY
Threats facing financial institutions in 2021
According to VMWare ’ s fourth annual
Modern Bank Heists report ( 2021 ), while the financial services sector is probably one of the most secure , they are dealing with the “ most sophisticated cybercrime cartels ”, says VMware ’ s Head of Cybersecurity Strategy Tom Kellerman . Here are some of the increased risks for banks in the past year .
• Time stamp manipulation Criminals now know how to evade detection by manipulating time stamps , so financial institutions need to pay greater attention to securing the integrity of these stamps to ensure this method isn ’ t used to alter the value of capital or trades .
• Island hopping This increased 13 % ( excluding SolarWinds ) in 2020 and happens when a hacker attacks an organisation within the large bank ’ s information supply chain and uses a third-party to ‘ island hop ’ onto the bank ’ s network . They are not limited to supplychain vendors or tech firms and once they are inside your infrastructure , will use that to get into your customers and partners ’ systems too .
• Targeting Market Strategies Increase in attacks that target a bank ’ s non-public information and market strategies , suggesting says Kellerman , that cybercrime cartels have become more knowledgeable about the financial sector and know a banks ’ non-public information is its most valuable asset .
174 June 2021