The Banking and Finance Industry Under Cybercriminal Siege: An Overview

Financial institutions have now taken on an even more active role in the growing information technology (IT) and operational technology (OT) convergence. The need for 24/7-connected smart devices has driven the industry to adapt, especially with the wider adoption of the internet of things (IoT) among businesses and users. Unfortunately, this round-the-clock connection with their respective financial accounts have been seen by cybercriminals as a ripe opportunity to profit at legitimate businesses’ expense.

Banks and financial companies have constantly highlighted security to be of paramount concern. However, the industry and their respective customers remain – and are expected to still be – the foremost targets of malicious actors despite new mandates to further strengthen cybersecurity and privacy. In addition to the flourishing business opportunities that e-commerce and financial technology (FinTech) companies have opened, the constant connectivity of mobile devices presented cybercriminals access to study and observe the security gaps, putting users and financial companies as easier targets for fraudulent transactions and breaches.

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Source: Trend Micro