Cybersecurity threats to financial institutions

More than ever, our attention is focused online. Thanks to a global health crisis which prompted consumers to consider the virtual route. But like a forest full of snakes, the internet is not entirely free of threats. Yas Aloosy believes that financial institutions are in a vulnerable stage if they don’t act fast while accommodating a surge of online customers which are surpassing previous numbers.

These are the threats that financial institutions will most likely face in light of the growing transactions online. These are familiar terms, but the consequences remain unimaginable that we might regret, sooner or later, if we are not prepared.

Malware

Malware or malicious software or codes sneak into the system through emails, flash drives, or downloads from unsecure websites. Yas Aloosy warns that malware does not only compromise confidential and sensitive data but also disrupts the system. To avoid becoming victimized by malware, train employees to be able to identify and recognize this threat right there and then. This could require scanning email attachments, as well as placing restrictions on the use of flash drives or other removable media, and ensuring regular updates on latest security patches.

Ransomware

A common threat nowadays to big firms is ransomware, says Yas Aloosy. The people behind this threat will encrypt your files as they lock them up, disabling your access to it. This normally involves money that you would have to pay as a ransom for hackers to decrypt your files, if they ever will. Like malware, ransomware comes in the form of email attachments, sometimes ads, which any employee would innocently click. Financial institutions should develop plans to mitigate the impact of ransomware which may involve hiring consultants for these types of concerns.

Phishing

Fraudulent emails impersonate legitimate identities to trick people to provide login credentials or even personal identification numbers in order to transfer money to a hacker’s bank account. Yas Aloosy suggests the same precautionary measures earlier mentioned in order to protect an organization from these online threats.