One Article Review
| Source |  AlienVault Lab Blog |
|---|---|
| Identifiant | 7431394 |
| Date de publication | 2022-10-13 10:00:00 (vue: 2022-10-13 10:06:46) |
| Titre | The biggest concerns within the US Financial Sector in 2022 |
| Texte | This blog was written by an independent guest blogger. The value of digital payment transactions is growing as the world's payment environment moves more and more away from cash. Over the past few years, BFSI (Banking, Financial Service, and Insurance) firms have continued to be a top target for hackers. In fact, the Sixth Annual Bank Survey found that more than 70% of fintech companies named information security as their top issue. According to VMware's Modern Bank Heists study, since the COVID-19 epidemic, there have been 238% more cyberattacks on companies in the financial sector. Artificial intelligence (AI) and self-learning malware are making cyberattacks more sophisticated. While ransomware assaults are the most profitable for cybercriminals, phishing attacks prey on unsuspecting and defenseless consumers. Thus, it should come as no surprise that 39% of financial industry executives think that the overall network security threat to BFSI sector companies has increased significantly. Financial and banking firms in the US must put cybersecurity first above all else given the volume of sensitive data that the BFSI sector must manage. Leading analytics company GlobalData predicts that rising demand for cybersecurity would cause worldwide security revenues in the retail banking industry to climb from $7.9 billion in 2019 to $9.8 billion in 2024. What are the biggest concerns facing the financial sector in the United States for 2022? Reimbursing cyber scams As banks are under pressure to compensate their scammed consumers, rising cybercrime rates translate to rising costs for the industry. More than half (58%) of those who conduct their banking online encounter scams via email or SMS at least once per week, and 23% report having fallen victim to a cyberattack. Banks currently reimburse authorized push payment (APP) fraud at an average rate of 46%. Although many banking institutions are refusing reimbursements for online fraud, this is due to change soon, or else the situation will backfire. For example, measures supported by the UK government will require banks to reimburse everyone. This is only one illustration of the fact that if banks are to secure their consumers and their business line in 2022, they must prioritize cybersecurity more highly. To exchange efficient strategies, banks will need to collaborate with governments and industry organizations. The public must continue to get education on preventative measures, but ultimately it is the banks' responsibility to establish security models that will give them and their clients the greatest level of safety. Maintain compliance with strict privacy regulations The use of social engineering and account takeover fraud will increase over the next years. Financial institutions must not only conduct comprehensive data checks beyond document verification at account opening to fight this but also keep track of customer identities throughout the customer lifecycle. Banks must decide how to manage sensitive personal data like biometrics as |
| Envoyé | Oui |
| Condensat | $200 2019 2021 2022 2024 238 able about above according account accounts actively additionally adversaries against agencies aggregate ahead all also although amount analytics annual anticipate any app application apps are artificial ascertaining assaults attack attackers attacks attraction authentication authorized auto automated automating average away backfire balancing bank banking banks become becoming been being believe better beyond bfsi bigger biggest billion biometrics bitmart blog blogger both bots broader burden business but bypass bypassing can cases cash cause center cftc challenge change channel charges checks cisco clients climb coexists collaborate combat come commission commodity companies company compared compensate complete compliance compliant complicated comprehensive compromise concern concerned concerns conduct consumers continue continued control corporations costs covid creating credit crime criminal criminals crypto cryptocurrencies cryptocurrency currencies currently customer customers cyber cyberattack cyberattacks cybercrime cybercriminals cybersecurity damaging data december decentralized decide decision decisions defending defenseless defrauded demand demonstrated detect detection diallers difficult digital document doing dollars due economics education efficient eliminate else email embrace enabling encounter enforcement engineering entails environment epidemic establish established ethical every everyone example exchange exchanges executives expect experience expertise explained external facing fact factor fallen far fatigue favor fight finally financial finding fintech firms first force forgeries found fraud frauds fraudsters frequently friction from functioning fundamentally futures gangs gdpr get getting give given globaldata government governments greatest growing guest hackers half has have having heists help higher highlighted highly historically how however huge humans identities identity illustration impact impossible increase increased increasingly independent industry information innovation instead institutions insurance intelligence interaction intercept interception internal investigation involved issue journeys justify keep known latest law leading learning least lenders level levels leveraging lexisnexis lifecycle like line link loopholes made maintain maintaining make making malicious malware manage managed management many may meanwhile measures merely methodically methods mfa million millions mobile models modern modernizing money more mortgage most moves multi must named nearly need network next not now offering onboarding once one online only opening organizations other otp otps outsource over overall part partner partnering partners party pass passwords past payment per personal phishing place platform possible possibly posture powerful practical predicts prerequisite present pressure preventative prey primary prioritize privacy process processes profitable profoundly protect protection provide provider public push put putting questions raised ransomware rate rates reaching refusing regulate regulations regulators reimburse reimbursements reimbursing repetition report require resistant respondents responses responsibility result retail revenues rising risk safety say saying scammed scams sec sector secure securing securities security see self sensitive service services shifts should significantly since single situation sixth skilled sms social sometimes soon sophisticated sophistication spotting standard started states stay staying step stole stolen straightforward strategies strict strictly strong study subset successful sums superb support supported surface surprise survey systems tactics takeover target technically technologies technology than them these think third those threat through throughout thus time times today tools top track trading traditional transactions translate trivial trusted try trying types uber ultimately under united unsuspecting use using utilize value vendor vendors verification victim vmware volume vulnerabilities vulnerability wallets week wha |
| Tags | Ransomware Malware Vulnerability Threat Guideline |
| Stories | Uber |
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