Alon Nachmany - Main Cybersecurity Threats To Financial Services

1. Alon Nachmany - Main Cybersecurity Threats To Financial Services COVID-19 is being blamed for 238 % of targeted cybersecurity attacks against banks, according to recent studies. Cybercriminals, who thrive on confusion and uncertainty, have seized the opportunity presented by the crisis. There is a strong connection between news cycle events like the announcement of the coronavirus's spread in the United States and cyberattacks. The financial services industry employs a wide range of cybersecurity technologies like Firewalls, SIEM, UEBA, and data encryption are only a few examples. Alon Nachmany, a Cybersecurity services provider, he spent his entire career working in the area of cybersecurity, and he will contribute his skills to help the organization secure itself. Alon is willing to share his expertise and skills in order to improve your organization's IT security. In terms of cybersecurity, financial services companies face special and elevated risks. Although recent events have increased the prevalence of cybersecurity threats to financial institutions, the threat vector is not new in and of itself. Over the last decade, a number of high-profile data breaches have revealed the personal information of Americans, including the 2017 Equifax data breach, which exposed the personal information of over 143 million Americans, and the 2013 Yahoo breach, which exposed over 3 billion accounts. The financial services sector is prone to a range of threats, including ransomware and phishing attacks. Let's take a look at the most serious threats mentioned below. •Web Application Attacks: Most of the software we use today is hosted on the internet, from Google docs to calculator apps, webmail platforms to financial records. Since they are the most available and rely on user input, these applications are the most vulnerable to attacks. To function, applications must be accessed via Port 80 (HTTP) or Port 443 (HTTPS). Web applications do raise a number of security concerns stemming from improper coding. Serious weaknesses or vulnerabilities allow criminals to gain direct and public access to databases in order to churn sensitive data •DDoS Attacks: DDoS attacks, also known as distributed denial-of-service (DDoS) attacks, cause websites to slow down by making them inaccessible to users. These attacks may be used to silence websites with which the hackers disagree, or to interrupt business flow to a rival. DDoS attacks can be cheap ($150 buys a week's worth of DDoS on the darknet) and thus common. DDoS attacks are responsible for 1/3 of network outages, costing company’s money and damaging their image. •Emerging Technologies: At this point, it's cliche to say that technology is still evolving. Emerging technologies are helpful, necessary, and provide the organization with a competitive advantage. CIOs and CTOs in the financial sector are already thinking about how blockchain and the Internet of Things (IoT) will help them expand. However, these tools come with additional risks.