Current state of cyber attacks on the banking and finance industry

The banking and finance industry is the backbone of the economy, playing a crucial role in providing financial services and promoting economic development. However, with the alarming increase in digital technology, cyber attacks targeting this sector have become more common and sophisticated. According to a recent report, the damage caused by cyber attacks in the financial industry has reached billions of USD each year, severely impacting the operations and reputation of banks.

A notable example is the attack on Bangladesh Bank in 2016, where hackers stole $81 million from the bank's accounts. Another instance is the WannaCry ransomware attack, which disrupted many banks and financial institutions worldwide. Additionally, hundreds of thousands of incidents at both large and small banks have resulted in customer information leaks, significantly harming user experience and trust.

Top 5 common cyber threats in the banking and finance industry

1. Identity fraud in eKYC & transaction authentication

With the development of facial and voice recognition technology, hackers can use deepfake to create fake videos or audio, thereby deceiving authentication systems and carrying out unauthorized transactions.

2. Malware attacks for asset theft

Malware types such as ransomware and trojans can encrypt data and demand ransom, putting banks in a difficult situation. Once they infiltrate the system, this malware encrypts data, alters the execution flow of the system, and takes control of user accounts.

3. Mass information exploitation

Hackers can exploit feature vulnerabilities in apps and APIs within the system to steal personal information, credit card numbers, passwords, and then sell this data to other criminal organizations. Customer data leaks are clear evidence of this issue.

4. Fraud and exploitation of promotions from account opening programs

Attractive promotional programs from banks are often targets for attacks. Hackers can use stolen information to impersonate users and create multiple fake accounts to exploit these promotions. A typical example is the "refer a friend to open an account" program.

5. Bot attacks

Malicious actors use automated programs (bots) to carry out DDoS attacks, sending a massive amount of fake traffic that overloads the system and consumes resources, leading to service disruptions for banks, decreased performance, financial losses, and threats to the organization's cybersecurity.

Security solutions for the banking and finance industry against cyber attacks

To protect their systems, organizations need to implement effective security measures such as:

1. Multi-factor authentication (MFA)

Implementing  MFAenhances security for transactions and authentication processes by combining multiple factors such as passwords, biometrics (fingerprint, facial recognition), and OTP codes. This effectively prevents identity fraud and phishing attacks, improving security in transactions. 

2. Data encryption

Using end-to-end encryption to protect sensitive customer information and financial transactions from exploitation. Encryption not only safeguards personal information but also ensures the safety of financial transactions and internal data.

3. Information security monitoring and malware detection

It is essential to implement intelligent security solutions that integrate real-time information security monitoring and malware detection capabilities to ensure the safety of the bank's systems and data.

4. Regular security testing and vulnerability patching

Banks should conduct regular security testing to identify and promptly fix vulnerabilities in their systems. This helps reduce the risk of these vulnerabilities being exploited by hackers to infiltrate and steal information.

5. Bshield solution - Comprehensive protection for mobile applications

Bshield is the optimal security solution for the banking and finance industry, providing comprehensive protection for mobile applications against attacks on APIs and data. It helps banks secure transactions, ensuring the security and reliability of their systems, thereby enhancing customer trust.

Conclusion

In the context of increasingly sophisticated and diverse cyber attacks, protecting information systems has become a top priority for financial organizations. Bshield, the optimal solution for banks in the digital age, with its comprehensive protection for mobile applications, is one of the best choices to ensure information security, enhance customer experience, and uphold the bank's reputation.

Contact HPT now for free consultation on the Bshield solution, comprehensive security for your bank.

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