Cybersecurity and managed security services provider Trustwave has released comprehensive research shedding light on the distinctive cybersecurity risks facing financial services organisations. Financial services organisations are attractive targets for cyberattacks. Serving as repositories of wealth, this sector is flush with lucrative opportunities for cybercriminals, who exploit them for financial gains through extortion, theft, and fraud. In addition to the money itself, the financial services sector stores large volumes of sensitive data, including customer information, financial records, and intellectual property.
The report, “2023 Financial Services Sector Threat Landscape: Trustwave Threat Intelligence Briefing and Mitigation Strategies,” explores the specific threats and risks the financial services industry faces, along with practical insights and mitigations to strengthen defenses.
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Trustwave SpiderLabs has documented the attack flow utilised by threat groups, exposing their tactics, techniques, and procedures. From email-borne malicious attachments to abuse of valid accounts, these persistent threats pose significant risks to the financial services sector.
Trustwave CISO Kory Daniels, said: “Cybersecurity is the foundation of trust in the financial services industry. For financial institutions, it isn’t just about protecting data, it’s about safeguarding the financial well-being and peace of mind of customers. Our latest threat briefing is a valuable resource for security leaders within the financial services sector, providing a comprehensive view of the threats observed by our SpiderLabs team, along with specific mitigation strategies to help organisations protect extremely sensitive data and assets.”
Key findings
A few key findings from the report include: The Clop threat group accounted for 39% of ransomware incidents targeting the financial services sector. A majority of the targeted financial services companies reporting a breach are from the U.S. (51%) with India (9%), and Russia/Mexico (7%) coming in a far second and third, respectively. HTML attachments make up 78% of the file types being used for email-borne malware attachments. 33% of these HTML files employ obfuscation as a means of defense evasion.
Trustwave SpiderLabs’ research serves as a resource for financial services organisations to understand and combat the multitude of attack groups, malware variants, and techniques deployed against them. There are a number of cybersecurity challenges that are unique to the financial service industry. This includes the usage of sensitive data, heavy regulation the complexity of partnerships and the importance of trust to the industry.
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By GlobalData
