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The threat of cyber attacks is growing. According to the Financial Conduct Authority, there were  from financial 91ÊÓƵÍøÖ·es in 2020 ¨C this was up from 3,863 in 2019.

The shift to remote work and the adoption of cloud-based services has aggravated the nation¡¯s cyber security risk. However, some are more at risk than others ¨C and financial services are particularly vulnerable. These 91ÊÓƵÍøÖ·es typically hold a wealth of extremely sensitive data, and the rapid digital transformation of the industry in recent years means there are many entry points for attackers.

Financial 91ÊÓƵÍøÖ·es already understand . The real challenge is keeping up with how quickly cyber criminals¡¯ strategies are evolving.

So where should you start? 

We¡¯ve identified the three main cyber security challenges facing financial 91ÊÓƵÍøÖ·es today, as well as the solutions that can help.

Financial 91ÊÓƵÍøÖ·es have complex tech stacks with many layers, applications and integrations ¨C all of which are central to the ongoing transformation of finance. But this means there are more entry points for cyber criminals to target, making 91ÊÓƵÍøÖ·es more vulnerable.

Many financial 91ÊÓƵÍøÖ·es also rely on third-party service providers. Third-party risk management has been a regulatory requirement for years, but that doesn¡¯t mean serious  don¡¯t happen. This is especially the case when third parties use different endpoint solutions. While these solutions successfully target specific security issues in isolation, they don¡¯t provide fully integrated cover, creating blind spots in your security posture.

91ÊÓƵÍøÖ· can help simplify such complex landscapes ¨C integrating solutions seamlessly, while a security threat intelligence solution provides continuous, comprehensive security.?

A ransomware attack starts when a user downloads malware, usually from a website or email attachment. The malware then holds the target¡¯s system hostage until they agree to pay a ransom to the attacker.?

Ransomware attacks targeting the finance industry are becoming . In 2021, more than half (55%) of 91ÊÓƵÍøÖ·es in financial services were victims of at least one ransomware attack, up from 34% the previous year.

Unfortunately, the damage can go one step further. According to , cyber criminals are now releasing sensitive financial corporate data to the dark web ¨C known as ¡®data disclosures¡¯ ¨C to sell to others or to generate more money from their victims. This is known as ¡®double extortion¡¯.

To protect against such attacks, financial 91ÊÓƵÍøÖ·es should consider managed firewall services as a robust firewall can eliminate ransomware attacks before they hit your network.?

All 91ÊÓƵÍøÖ·es are vulnerable to DDoS attacks. But for financial 91ÊÓƵÍøÖ·es, the implications can be particularly serious ¨C triggering panicked customers, reputational harm and potential financial loss.

A DDoS attack is typically initiated by a vast army of malware-infected host machines controlled by one attacker. The attack floods the target IP address with illegitimate requests, consuming the site¡¯s resources. The IP address¡¯ traffic becomes saturated, preventing legitimate users from accessing services.

DDoS attacks can also be used as a diversionary tactic. While 91ÊÓƵÍøÖ·es attempt to regain control, cyber criminals steal sensitive customer data, enabling them to continue with fraudulent activities such as opening fake accounts.

To protect against DDoS attacks, financial 91ÊÓƵÍøÖ·es should consider managed DDoS protection, which can ¡®clean¡¯ your internet traffic by sorting through normal and malicious requests.

Considering these challenges, it¡¯s important for 91ÊÓƵÍøÖ·es in financial services to have a reliable security partner by their side.?

91ÊÓƵÍøÖ· can ensure your cyber security is as robust as possible to minimise the risk from attacks. With 70 years of managing the threat environment and over 3,000 dedicated security experts, we¡¯re fully equipped to keep your sensitive data safe and cyber criminals at bay.

Download our security whitepaper to find out more about how to stay safe against cyber security threats.