Ransomware, supply chain and Trojans are top cyber risks against financial institutions
Ransomware and supply chain attacks, along with an upsurge in banking Trojans and distributed denial of service attacks, are the top cybersecurity threats to financial institutions in the Asia-Pacific region, according to a report. new study from the global cyber intelligence sharing community FS-ISAC.
Research has shown that 2021 has seen a steady increase in cross-border cyberattacks perpetrated by increasingly sophisticated threat actors.
Based on intelligence sharing from FS-ISAC members, open source intelligence, and information from local financial companies and other sources, the Information Sharing Center’s 2021 Cyber Trends and Threats Review and financial services analytics sheds light on current strategic trends in financial services and cybersecurity and offers essential insights into the most significant cyber threats facing the APAC financial services industry today.
“As the digitalization of financial services in the Asia-Pacific region unfolds at record speed, businesses need to be aware of the pitfalls that come with it and take steps to mitigate them,” says Christophe Barel, Managing Director for the APAC, FS-ISAC.
“In particular, as the region’s digital shift unfolds against a backdrop of organizational challenges and a shortage of cybersecurity talent, businesses may face the risk that digital expansion will overwhelm their ability to adequately protect against emerging cyber threats.
“Protecting against these threats will require the collective wisdom of the entire industry, with intelligence sharing as a central pillar.”
Current cyber threats are converging with recent trends in financial services, such as the massive shift to the cloud, the emergence of new fintech players competing with traditional financial institutions, and the widespread adoption of cryptocurrencies.
While financial institutions have had to rapidly expand their IT infrastructure to stay competitive, some have found that their cybersecurity apparatus has not kept pace.
According to a 2021 Check Point report, 75% of enterprises said the security of their public cloud infrastructure is a serious concern, as many enterprises are still grappling with the various security challenges associated with cloud-based solutions. This may be a particularly relevant question in Asia-Pacific, as many banks in the region are embracing digitization fully.
The 2021 FS-ISAC Review of Cyber Trends and Threats also identified other important trends facing the region, including increased regulatory oversight of cyber risk management, organizational challenges in responding to threats, and a acute shortage of cybersecurity talent.
As cybersecurity becomes a board-level issue due to the existential risks that cyberattacks can pose, financial firms need to rethink cybersecurity policies and procedures for a new era where the industry is hyper-connected and cyber threats know no limits.
“In 2021, third-party risks and ransomware continue to dominate the cyber threat landscape, while resurgent DDoS and Trojan horse threats have also emerged,” Barel said.
“Sharing intelligence both globally and among members of the region can help businesses understand not only new and emerging tools, techniques and procedures used by cybercriminals, but also best practices for defending against them. .”