According to the Financial Conduct Authority, financial services companies in the UK saw a fivefold rise in data breaches in 2018 compared with the year before. Caroline Paddle, director at Skybox Security, writes
So, as the cyber threat to financial institutions (FIs) grows, will organisations reach the point where the risk level is out of control?
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Coping with cloud misconfiguration: Cloud as a platform is being brought in to deal with the increase in big data, build out banking platforms, and improve operational efficiency. But the race to deploy new cloud services is leading to security being side-lined and more new risks being introduced through misconfigurations of access points.
Third parties will go under the microscope Paul Williams, senior technical advisor, operational risk and resilience at the Bank of England (BoE) recently said that monitoring third parties’ cybersecurity is a growing concern for banks. If banks don’t have full control over all ingress and egress points, they could be leaving their critical infrastructure worryingly exposed.
Dealing with the tech debt: There is an incredible amount of legacy technology still being used by financial organisations. The ATM industry is particularly at risk because a majority of their operating systems rely on Windows 7, whose support by Microsoft is ending in January 2020. More generally, banks, on top of their old systems, are looking to deploy new controls – so how can they protect this growing web of aging technology?
Resurgence of ransomware: We came into 2019 fearing the rise of Cryptominers. As the value of cryptocurrency has declined, so has the use of this once-dominant malware.
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By GlobalDataWhat about people and processes? Financial companies struggle to retain talent in their cybersecurity teams – this is compounded by the ongoing cybersecurity skills crisis. Over 2020, FIs will have to find new ways to use their existing resource more effectively.
