Kamal Srinivasan, SVP of Product and Program Management at Parallels (an Alludo Company)
Step into the world of finance and journey back in time to the year 1472, a time when Banca Monte dei Paschi Siena first emerged as the pioneer of banking. Witness the remarkable transformation that has unfolded over centuries as this ancient institution navigated through ever-changing landscapes. From the faces behind financial interactions to the currencies that shaped economies, the banking sector has witnessed an extraordinary evolution. Yet, amidst this grand narrative of change, one force stands out above all others—technology.
Fast forward to the year 2023, where the very notion of a financial institution functioning without cutting-edge technology seems inconceivable. In the era of cloud computing and digital advancements, technology has become the lifeblood of finance. It empowers financial institutions to achieve their internal and external goals, propelling them towards unprecedented heights. However, with every stride forward, a lurking threat looms in the shadows—the ever-growing menace of cyber-attacks.
There’s no denying that there are more external threats to data than ever before, with sensitive data becoming increasingly valuable on the open market. According to a recent state of data security report, malware and ransomware attacks were identified as a primary concern, followed by cloud vulnerabilities for external threats. Ransomware attacks on financial services have skyrocketed, surging from 55% in 2022 to a staggering 64% in 2023. This alarming increase, double the figure reported in the previous year, underscores the greater need for vigilance. The responsibility lies on financial institutions to safeguard not only their own data but also the invaluable information entrusted to them by their employees and customers alike.
Awareness alone is not enough; action is imperative. The battle against cybersecurity threats demands unwavering dedication from financial institutions. In today’s digital age, the protection of sensitive data is both a duty and a necessity, and financial institutions must rise to the challenge, shielding themselves and their stakeholders from the perils of cyber-attacks.
Beware, Beware, Cyber Malware.
Despite organisations allocating a substantial portion of their budgets towards security and making it a top priority, financial institutions must remain vigilant and stay informed about the various strategies employed by cybercriminals.
Consider the power of AI, for instance. While it can be harnessed to streamline tasks and optimise operations within financial institutions, it can also be weaponised by cybercriminals. They can swiftly generate malware, automate attacks, and even employ deep fakes and AI voice synthesis to enhance the effectiveness of scams and social engineering ploys.
Regardless of their position within a financial institution, employees must constantly remain alert to external threats targeting sensitive data. According to IT professionals across diverse sectors, the most pressing external threats include malware and ransomware attacks, cloud vulnerabilities, and phishing attempts. Social engineering and stolen or compromised credentials were also prominent concerns, as well as internal threats like various types of human error such as weak passwords or employee negligence. With the rising number of threats and the increasing reliance on data, one might assume that combating cyber-attacks would be an insurmountable challenge. However, that assumption is not necessarily accurate.
Never Give Up, Never Back Down.
For instance, between the fateful months of December 2022 and August 2023, a staggering 566 breaches shook the global financial landscape, resulting in the exposure of over 254 million records. Consequently, the once-private data of countless individuals was thrust into the public eye, a violation of privacy of epic proportions.
However, all hope is not lost. A beacon of light shines in the form of a strategic approach—known as the Zero-Trust Architecture (ZTA)—which advocates the principle of “trust is good, control is better” for both internal and external network users. Financial institutions should adopt this mindset, treating every request as potentially dangerous and comprehensively checked before access is granted to resources within the network. By adding this extra layer of security, the likelihood of data breaches is significantly minimised.
In a world where data flows ceaselessly between the ethereal realms of the cloud and the tangible realm of remote and hybrid work structures, a Zero-Trust approach emerges as one of the most efficient and effective ways to combat the relentless onslaught of cybercriminal attacks.
Overcoming and embracing the future
Today’s finance landscape is rapidly evolving and ever more interconnected. The once inconceivable idea of remote and hybrid working supported by cloud computing and mobile devices has now become the norm. Embracing cutting-edge technologies like Zero Trust and Remote Browser Isolation is not just an option anymore, but an absolute necessity.
As cybersecurity threats continue to evolve, financial institutions must adapt their strategies to combat these attacks and protect not only their own assets but also their customers’ digital resources. By adopting a comprehensive approach based on Zero Trust principles and leveraging technologies such as Remote Browser Isolation, financial institutions can confidently navigate the complexities of today’s digital threat landscape. It is crucial for financial institutions to stay ahead of the curve and embrace the necessary measures to safeguard their future success.
