Protecting your business from cybercriminals has never been more challenging, and that’s especially true for businesses in the financial services sector. From ATM jackpotting where attacks can be delivered directly to standalone ATM machines via physical attack and a text message to firewall breaches that leak customer information to the public, financial-based business in the US have been under increased attack the past few years. Is your financial services business vulnerable to these cybersecurity threats?

Advanced Identity Theft

While identity theft isn’t a new problem for financial institutions, it is one that is getting more sophisticated over time. Hackers attempt to access your data, but they no longer need every piece of personal information in order to create a synthetic identity. Cybercriminals are using a mix of real and fictitious data to create accounts within your organization for the purposes of accessing credit or loans. Since the customer data is at least partially accurate, lending organizations are spending a significant amount of time attempting to track down the perpetrators and confirming that the charges are indeed fraudulent. Checking these accounts individually is an impossible task, which is why artificial intelligence (AI) solutions are being introduced that will help confirm the validity of new account creation and access.

Refined Social Engineering Attacks

You may be familiar with the term “phishing,” and equate it to easily-ignored emails that are clearly spam. Unfortunately, today’s cybercriminals are creating much more refined attacks, researching specific users on social media and on corporate websites to determine who might be a good target for their attack. The vast majority of social engineering attacks are now highly specific and are aimed at gaining unauthorized access to your systems and information. These attacks no longer come only via email and can be triggered via SMS text messages, social messengers, phone and even printed mail.

Incorrect Cloud-based Server Settings

Today’s server virtualizations can be both simpler and more complex than configuring a server at your physical location. Simpler because scalability can happen in near real-time, but more complex because it’s all too easy to accidentally miss a security setting that leaves your data or applications vulnerable to attack. Having a solid and trusted cybersecurity partner with experience in cloud-based server configuration provides an added peace of mind for your business. If you do accidentally misconfigure a server, you’re in good company: Verizon missed an Amazon S3 storage server security setting in 2017 that exposed customer data for more than 6 million individuals.

Compliance with Data Regulations

Data is one of the most important assets in your business, but are you effectively aggregating this information and presenting it to consumers in a way that’s compliant with government regulations? Aside from the robust GDPR European data access and storage requirements, Vermont and now California have presented similar legislation to protect consumers from unauthorized data access by businesses. Aggregating your data together is not only aggravating for businesses with multiple data storage systems, but it also presents a potential fail point for your security systems. Technology teams must be extremely cautious to ensure that they are not allowing unauthorized users to access personal data and also to confirm the identity of consumers before providing them with the mechanisms to opt out of marketing communications.

There are no easy answers to providing a secure environment in the financial services sector. Fortunately, the technicians and service teams at Coretelligent have a great deal of experience working through some of these security challenges. Contact our cybersecurity professionals today at 855-841-5888 or via email to info@coretelligent.com to learn more about protecting your business operations from the threats that are looming on the horizon.

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