Cybersecurity Threats to FinTech
Attackers use a variety of threat vectors to attack organizations in the financial industry.
Some of the leading threats include:
Common Attack Types
DDoS
Distributed Denial-of-Service (DDoS) attacks target financial institutions to disrupt online services, preventing customers from accessing banking platforms, trading systems, and payment gateways. Attackers leverage networks of compromised devices to overwhelm servers with malicious traffic, causing costly downtime. Security controls that effectively shrink a financial organization's attack surface help to close off potential threat vectors used in DDoS attacks.
Malware
Malware poses a major threat to financial institutions' sensitive customer data and transaction systems. There are several ways cybercriminals can deploy malicious software such as trojans, keyloggers, and spyware to steal credentials and intercept sensitive data. These attacks can result in financial losses, regulatory penalties, and erosion of customer trust. Offensive security tools help prevent malware infections by helping security teams identify and neutralize threats before cybercriminals can infiltrate systems.
Ransomware
Ransomware groups often target the financial industry for many reasons, including the fact that the data is high-value and the endpoints are plentiful. These attacks can be multi-faceted and can cost financial organizations precious time, money, and irreparably damage their reputation. Proactive security measures like vulnerability management, pen testing, and red teaming help prevent the likelihood of a successful ransomware attack, by pinpointing security weaknesses before they are exploited.
Phishing
Attackers trick employees or customers into revealing sensitive information such as login credentials or account details through fraudulent emails, texts, or websites. This often leads to account takeovers or unauthorized transactions.
Web Application Exploits
Vulnerabilities in online banking portals or financial apps can be exploited to gain unauthorized access, manipulate transactions, or steal confidential data. Common targets include authentication flaws and session management weaknesses.
Injections
SQL or code injection attacks allow hackers to insert malicious commands into financial systems via input fields or APIs. This can expose customer data, alter records, or compromise backend databases.
Social Engineering
Insider Threats
Insider threats are uniquely challenging for financial organizations because employees and contractors using legitimate credentials may use that access to steal financial data or engage in fraud or embezzlement. But even accidental insider threats occurring via simple human error can seriously damage an organization's security posture. Implementing Zero Trust principles and limiting unnecessary access to critical resources can curb intentional insider threat. To mitigate accidental insider threats, financial organizations can look to human risk management and security awareness training to help employees recognize cybersecurity warning signs.
Man-in-the-Middle Attacks
Breach Repercussions
Core Impact: Penetration Testing for Financial Institutions
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Offensive Security Bundles
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