How Cyber Threats Against Financial Services Are Changing

The finance industry has always been a top target for hackers because of the potential for large monetary gain. As technology becomes more advanced, cyber criminals are deploying nation-state tactics or outsourcing hackers in order to attack financial organizations. But, as hackers become more advanced, the finance industry is also constantly developing new methods to keep their banks and customers secure. Below, are a few ways that financial services and their attackers are changing.
Financial services are becoming more advanced in their security practices and are providing more anti-fraud tools for their customers like multi-factor authentication. This means that hackers are employing more elaborate methods to carry out cyberattacks through nation-state capabilities and open-source malware libraries. These strategies provide sophisticated abilities that weren’t available to hackers in the past. In addition, law enforcement is having difficulties keeping up with cyber criminals due to online privacy features. Lastly, as employees become educated on tactics like phishing emails, new watering hole attacks are catching the financial workforce by surprise.
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