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3 Issues Surrounding Finance IT and Cybersecurity

Finance is one of the most highly targeted sectors of industry when it comes to cyberattacks. The reality is that there is simply too much to gain for cybercriminals when going after banks, accountants, investment firms, and other financial businesses. The amount of potential monetary gain and access to sensitive, valuable information is too much of a pull for bad actors to resist. Many industries deal with the realities of things like phishing attacks, DDoS attacks, and ransomware. The finance industry must deal with these threats as well, often in higher-than-average numbers, but there are also complications specific to the finance industry that finance IT services providers and the financial businesses they serve must be aware of. Here are a few to consider.

Credential-Seeking Malware Targets Financial Services Clients

While you’d expect most malware to target actual financial information directly, the truth is there is another form of attack that hits financial institutions commonly. Credential-seeking malware is sent by bad actors looking to gleam personal information for identity theft scams. This form of malware goes after personal data rather than money itself or account numbers. Some businesses do not protect their customers’ personal data as strongly as the more sensitive financial data and hackers look to exploit that. Finance IT services need to be aware of this potential exploitation and ensure all personal information is always secure in companies’ systems.

State-Sponsored Attacks on Financial Institutions

Most industries don’t have to worry about how international incidents may affect them, but that isn’t true in the financial industry. State-sponsored attacks by hackers on other countries are often designed to affect financial markets in specific ways. Most of these manipulations fail, but when they succeed they can wreak havoc in unexpected ways. Unfortunately, there isn’t much individual businesses can do except fortify their network security as much as possible and pay attention to how such attacks might affect their clientele.

Breaches Complicate Issues Further By Decreasing Trust

The majority of cyberattacks in the financial industry fail. Unfortunately, the few that do succeed can have a compound effect on the industry. When a breach occurs, fixing a company’s systems and recovering drains resources and time, but even worse, the reputation damage makes that process even more difficult. Where this situation gets especially dicey is when numerous financial institutions have breaches over a relatively short period, people begin to distrust the industry at large and lose faith in companies that have been protecting their data appropriately. The sensitivity of information and widespread effects of the damage that can be done means those providing cybersecurity to financial companies have even more burden and responsibility to keep thing secure.

The financial industry is complicated and difficult one to keep secure, but many excellent finance IT services providers continue to do so. If you would like to talk to a managed services provider about your cybersecurity, reach out to Panurgy and make an appointment today.