As the world becomes more digital, the financial industry is relying on technology more than ever before. With the increasing amount of sensitive data being stored online, the risk of cyber attacks has grown exponentially. 

According to IFA Magazine, the finance and insurance industry had 305,785 data breaches last year, making it the second least cyber secure sector in 2022. As advances in FinTech, banking apps and software proliferate, so do vulnerabilities and opportunities in tandem, making the industry an appealing target for cybercriminals. 

With sensitive financial information on the line, and ever changing cyber security rules and regulations, it is critical that financial services do all they can to reduce the risk of malware and cyberattacks.

Protecting Against Phishing Attacks

Phishing is one of the most common tactics used by cyber criminals to steal sensitive information – it is estimated that 3.4 billion phishing emails are sent everyday.

These attacks usually involve sending an email or message to a specific group of people that will cloak themselves as a trusted source (for example, pretending to be a manager or person in senior leadership), but they’re not. The email usually contains a link or attachment, which once clicked on installs malware on the recipient’s device. This malware steals sensitive data, such as login credentials or financial information.

Prevention is better than cure, which is why it’s important to provide awareness training to your team, so that they can spot these emails and avoid clicking on links. Integrating firewalls and filtering to detect and block phishing emails can also reduce the risk. 

phishing attack for financial companies

Implementing Multi-Factor Authentication

Multi-factor authentication (MFA) is estimated to block 99% of modern automated cyber attacks, and can reduce the risk of password related breaches. 

This security measure requires users to provide two or more forms of identification to access a system or software. This can include something they know (for example, a password), something they have (such as a token or code being sent to their phone), or who they are (this includes biometric identification).

Implementing multi-factor authentication can significantly reduce the risk of unauthorised access to sensitive data, even if a password is compromised. 

Regular Vulnerability Scanning and Patch Management

95% of all cyber attacks take advantage of unpatched vulnerabilities. Vulnerability scanning involves regularly scanning your systems and applications to identify any patches or vulnerabilities that could be exploited by cyber criminals. Once these are identified, they can be patched to prevent attacks.

Patch management involves ensuring that all software and systems are up-to-date with the latest security patches. This is important because cyber criminals often exploit known vulnerabilities that have not been patched.

Creating and Implementing an Incident Response Plan

Despite the best efforts of even the most secure businesses, cyber attacks can still happen. That’s why it’s important to have an incident response plan in place. This plan should outline the steps that need to be taken in the event of a cyber attack, including who to contact and what actions to take.

At Moremicro, we have over 30 years experience in delivering cyber security and managed IT solutions. We’ll work with your business to deliver a robust cyber security strategy and incident response plan that is tailored to your needs.

Cyber security is an essential aspect of the finance industry, and it is important to have measures in place to protect your business from cyber threats. Contact us today to learn more about how we can help your business stay secure in the digital age.