From our everyday transactions to major life milestones, our dependence on banking and financial services companies cannot be overlooked anymore. With these industries relying more on technology and the digitalization of their services bringing immense benefits, it has also opened a new gateway for cyber threats, which can put the security of financial services, their customers, and their assets at risk. To overcome these threats and prevent them from happening, many banking and financial services companies are now opting for managed security services (MSS) for advanced protection. In this blog, we'll explore some of the cyber threats faced by these industries and how Managed Security Services play a crucial role in mitigating them.
Phishing attacks are one of the oldest hazards in the banking and financial sectors. Cybercriminals manipulate people by using deceitful emails and websites to lure people into giving away sensitive information such as their login credentials, financial data, or even company information. MSS providers usually restrict this from happening by employing advanced email filtering, intrusion detection systems, and behavioral analytics to detect and block phishing attempts as well as to prevent unauthorized access attempts to critical systems and data.
It’s not a far stretch to say that ransomware attacks are one of the rising threats in the industry, with the financial sector being the prime target of crime. The process usually involves encrypting the bank’s data with malicious software and demanding a ransom in exchange. MSS providers tackle this by using real-time monitoring, automated threat response, and robust data backup and recovery solutions to largely reduce these attacks and ensure the continuity of business.
Did you know that Kotak Mahindra Life Insurance’s data was sold on the dark web recently? The Clop ransomware group released the sensitive data of multiple clients of Kotak- which includes their unique registration numbers (URN), SAP login credentials, PhonePe records of customers, etc. With Kotak being a rapidly expanding insurance company having over 46 million users in India, this breach is not something that can be undermined. Source: https://www.forbesindia.com/article
Insider threats can be completely accidental or intentional, which poses a great risk to the banking sector. Employees with access to sensitive data can leak or steal information for their own agenda. Managed security services implement user behavior analysis and data loss prevention measures to identify suspicious activities and prevent data breaches from within the organization.
Distributed Denial of Service (DDoS) attacks obstruct online services by swamping a bank's servers with an excessive amount of traffic. These attacks can have severe consequences, causing service outages and financial losses. MSS providers deploy traffic filtering and load balancing to ensure that DDoS attacks don't disrupt operations, keeping services available to customers.
Advanced Persistent Threats (APTs)
Advanced persistent threats are discreet but continuous cyberattacks that are often performed by well-funded, highly skilled threat actors. These attacks remain hidden for months or even years, with the ability to access and steal sensitive financial data being an effortless task for cybercriminals. MSS providers counteract this looming threat by employing threat intelligence, endpoint detection and response solutions, and security information and event management (SIEM) systems to detect and neutralize these APTs.
So how do managed security service providers tackle this issue? They play a critical role in protecting the banking and financial sectors from potential attacks and preventing a business catastrophe. Let’s take a look at some of the key services offered by MSS providers:
24/7 monitoring: MSS providers offer around-the-clock monitoring, ensuring that any suspicious activity is immediately detected and addressed.
Incident response: In the event of a cyberattack, MSS providers have well-defined incident response plans to mitigate the impact and recover quickly.
Supply chain attacks: MSSPs can help their clients mitigate supply chain attacks by:
- Auditing third-party vendors: MSSPs can audit their clients' third-party vendors to identify any vulnerabilities that could be exploited by attackers.
- Implementing security controls: MSSPs can help their clients implement security controls to protect their systems from supply chain attacks.
- Monitoring for suspicious activity: MSSPs can monitor their clients' systems for suspicious activity that could be indicative of a supply chain attack.
Threat intelligence: MSS providers constantly analyze the threat landscape, keeping their clients informed of emerging risks and vulnerabilities.
Security updates and patch management: MSS providers ensure that the bank's software and systems are up-to-date and patched against known vulnerabilities.
Employee training: MSS providers often offer security awareness training to bank employees, reducing the risk of human error in security breaches.
The banking and financial services industry is a prime target for cybercriminals due to the value of the assets and data they hold. To protect against cyber threats, these institutions increasingly turn to managed security services (MSS) providers. By outsourcing their cybersecurity needs to MSS experts, banks can bolster their defenses and stay one step ahead of cyber threats, ensuring the security of their operations and the trust of their customers.
Being a Splunk Singapore partner, Positka specializes in high-end technology solutions to help businesses improve their overall IT infrastructure. Founded in 2014, our services include Splunk Services, Cybersecurity & Risk Management, Security Awareness Training, Managed Security Services, Lean Process Optimization, Robotic Process Enablement Services and Solutions, while partnering with other top-tier companies like SentinelOne and so on. We are headquartered in Singapore and operate across India, the US, and the UK as well.