The Future of Finance Cyber Security in 2020

  • January 06, 2020
Reading Time: 2 minutes

Cyber attacks seem to grow more sophisticated and menacing with each passing year. No industry understands this better than finance, as their enormous stores of cash and sensitive data make them a prime target for hackers year-round. Let’s look ahead at four trends that are likely to play a role in 2020’s biggest banking hacks and share how we can help harden financial services firm’s security posture to prevent attacks.

Ransomware attacks will evolve

Ransomware attacks are believed to cost victims billions of dollars every year, as hackers deploy technologies that enable them to literally kidnap an individual or organization’s databases and hold all of the information for a ransom. As companies continue to focus on building stronger defenses to guard against ransomware breaches, some experts believe hackers will increasingly target other potentially profitable ransomware victims such as high-net-worth individuals.

Biometric security leaks and anti-fraud system bypass

A new report from cyber security company Kaspersky states that cybercriminals have created a huge underground market called Genesis, which sells digital fingerprints of online banking users from all over the world. There have also been several biometric database security leaks in the last year, the most notorious of which was the Biostar 2 database, which included the exploitation of biometric data of over 28 million people. With biometric leaks on the rise, this will make it easier for hackers to bypass anti-fraud systems to gain access to online bank records.

Increased third party risks

Banks have not been impervious to the decentralization of IT that has affected most enterprise businesses. As organizations become increasingly reliant on third-party vendors for their day-to-day operations, financial services firms must be continuously monitored for cyber security vulnerabilities. Lack of awareness of how third-party security services operate could cost banks millions in 2020 and beyond. Ensure your cyber team is not only monitoring its own vulnerabilities but that of its outsourced security as well.

Cryptocurrency hacks

Big banks are starting to dip their toes in the crypto waters, with one in five financial firms saying they might start trading cryptocurrencies. However, crypto exchange has had many hacks of its own, including the largest in history, which happened earlier this year. Japanese crypto exchange, Coincheck, was drained of coins worth a total of roughly $534 million. In the first half of 2019 alone, hackers have stolen approximately $4.26 billion worth of crypto currency. It’s possible that the involvement of major financial institutions will shore up the security of the crypto industry — but if the past is any indicator, extreme measures will have to be taken to ensure the security of these digital currencies.

So, how can financial institutions continue to grow and adapt to new technologies while keeping their stores of information and constituent’s wealth safe from adversaries?

Circadence has a solution: our gamified cyber learning platform, Project Ares. Project Ares can be used by everyone at your institution from the Chief Financial Officer to IT teams. With persistent, hands-on learning in a safe, browser-based environment, financial services security teams can stay up to date on the latest threats and feel prepared to keep them at bay. With finance specific missions such as Operation Wounded Bear and Operation Crimson Wolf, your team can practice combatting hackers anytime, anywhere. Don’t let your finance company be the next one making headlines for a data breach, see what Project Ares can do for you.

Photo by Erol Ahmed on Unsplash