In 2023, about 42% of all DDoS attacks, 21% of phishing attacks, and 17% of system hacking occurred in the financial sector. And the number of these illegal intrusions into banks ' software will only increase in 2024. The market already notes the presence of hacktivists, politically motivated hackers who can not only harm the IT security of banks, but also blackmail such organizations, destroy the trust of their customers, using the personal information of users and companies for selfish purposes. In this article, we will look at what methods will help the banking sector strengthen its security and resist cyber attacks in the coming year.
Regular compliance with security measures allows you to form useful habits that help protect personal data of employees and the bank from hacker attacks. These include continuous training of users connected to the corporate network in cybersecurity rules, their use of a firewall, complex passwords, and two-factor authentication. According to research, thanks to the latter, the risk of hacking companies is reduced by 99%.
One of the ways to protect the financial sector from cyber attacks is to update the operating system in a timely manner. It is the latest versions of the programs that will help to resist cyber attacks and maintain stable and uninterrupted operation of banks. IT is for this reason that IT specialists in the financial sector need to attend specialized exhibitions and events. For example, in 2024 such events as “Forum of the Future” and “Territory of Security-2024”will be held.
Today, NGFW is able to block the most advanced malicious software. Many criteria in NGFW are used to filter packets, including the destination IP address, ports, protocols, and even the contents of the packet, based on signature analysis or heuristic algorithms. NGFW also uses Intrusion Detection and Prevention systems (IDS/IPS), which monitor network traffic for anomalies and attacks on the banking sector, such as port scanning, IP address spoofing, and other hacking attempts. IDS / IPS signal potential threats and can take measures to prevent attacks. Such software is the most advanced on the market.
In recent years, the banking sector has experienced a sharp increase in cyber threats, which leads to significant financial losses and undermining customer confidence. As technology evolves, so do the methods used by attackers. In 2024, not only the number of attacks on the banking sector will change in a big way, but also their quality. New trends in the IT market, such as phishing, attacks on blockchain projects, the growing activity of cryptographers and the introduction of spyware, are changing the security infrastructure of the banking sector, forcing representatives of the latter to monitor new software, actively train employees and study industry trends.
Consequently, the cybersecurity situation in the banking sector is already undergoing changes, which forces stakeholders to take active measures. By analyzing the software market and industry trends, banks can strengthen their defenses against cyber attacks and protect the integrity of financial systems.
It is crucial to constantly adapt and develop your cybersecurity strategies to prevent attackers from being one step ahead. By prioritizing security, the banking sector can build trust, protect customer assets, and support its role as the foundation of financial stability in the digital age.
1. Improving the cyber hygiene of the company's employees
Back in 2021, Russian market research showed that about 30% of employees open phishing emails, and 21% download malicious attachments to messages, thereby transmitting confidential information to attackers. Since then, the percentage of employees who do not know the security rules when working with instant messengers and mail has not increased. Analysis of cyber threats for 2023 showed that in 74% of successful hacker attacks, it was the low cyber literacy of the company's team that allowed attackers to overcome strong system and software protection measures.Regular compliance with security measures allows you to form useful habits that help protect personal data of employees and the bank from hacker attacks. These include continuous training of users connected to the corporate network in cybersecurity rules, their use of a firewall, complex passwords, and two-factor authentication. According to research, thanks to the latter, the risk of hacking companies is reduced by 99%.
2. Updating the software
Outdated software can cause hacking of the banking system. In 2016-2017, computers around the world were subjected to one of the largest cyber attacks: due to vulnerabilities in the operating system, more than 100,000 devices were infected with encryption programs. Not only the software needs to be updated in a timely manner, but also browsers, because otherwise attackers can gain access to confidential user data by injecting a malicious script into the code of a web page. Similar methods are used to encrypt bank data and block the activities of institutions.One of the ways to protect the financial sector from cyber attacks is to update the operating system in a timely manner. It is the latest versions of the programs that will help to resist cyber attacks and maintain stable and uninterrupted operation of banks. IT is for this reason that IT specialists in the financial sector need to attend specialized exhibitions and events. For example, in 2024 such events as “Forum of the Future” and “Territory of Security-2024”will be held.
3. Use of security monitoring systems
According to statistics, about 80% of attacks on companies in the banking segment are carried out using web browsers using the HTTP and HTTPS protocols, and regular traffic filtering will not solve this problem. Banks need to apply more serious protection designed specifically for the Enterprise segment. To prevent data leaks, many organizations have been actively using firewalls since last year. However, today there are new products on the market that allow you to analyze and control applications integrated with IPS, filter URLs by geolocation data and reputation resources, and a new generation of firewall.Today, NGFW is able to block the most advanced malicious software. Many criteria in NGFW are used to filter packets, including the destination IP address, ports, protocols, and even the contents of the packet, based on signature analysis or heuristic algorithms. NGFW also uses Intrusion Detection and Prevention systems (IDS/IPS), which monitor network traffic for anomalies and attacks on the banking sector, such as port scanning, IP address spoofing, and other hacking attempts. IDS / IPS signal potential threats and can take measures to prevent attacks. Such software is the most advanced on the market.
In recent years, the banking sector has experienced a sharp increase in cyber threats, which leads to significant financial losses and undermining customer confidence. As technology evolves, so do the methods used by attackers. In 2024, not only the number of attacks on the banking sector will change in a big way, but also their quality. New trends in the IT market, such as phishing, attacks on blockchain projects, the growing activity of cryptographers and the introduction of spyware, are changing the security infrastructure of the banking sector, forcing representatives of the latter to monitor new software, actively train employees and study industry trends.
Consequently, the cybersecurity situation in the banking sector is already undergoing changes, which forces stakeholders to take active measures. By analyzing the software market and industry trends, banks can strengthen their defenses against cyber attacks and protect the integrity of financial systems.
It is crucial to constantly adapt and develop your cybersecurity strategies to prevent attackers from being one step ahead. By prioritizing security, the banking sector can build trust, protect customer assets, and support its role as the foundation of financial stability in the digital age.
