Jun 13,2022
Cybersecurity in Finance: What You Need to Know
The financial services industry is one of the most targeted by cybercriminals. In fact, hackers specifically target finance and insurance companies because they hold so much valuable data about their customers. They use this information to steal identities, personal details, and even funds from the bank accounts of individuals. The risks posed by cybercriminals are constantly evolving, which means that financial institutions need to be constantly updating their security measures. This article will explain how cybercriminals are attacking financial organizations, what can be done to protect your data, and why you should be concerned about cybersecurity in finance. Keep reading to learn more.

Who's Attacking Financial Services?

When it comes to cybercriminals, there are many different types. There are hacktivists who hack companies in order to disrupt and destroy them. Nation-state actors hack with the goal of stealing government information. And finally, cyber extortionists hack companies with the goal of gaining ransom payments. These threat actors have different targets and motivations, yet all of them pose significant risks to finance and insurance companies. Hacktivists are a threat to all companies, but they are most threatening to those that are politically or socially sensitive. Nation-state actors are generally after government data, but they will also go after non-government organizations if they can find sensitive information. Cyber extortionists are generally after ransom payments, especially from sensitive industries, such as finance and insurance.

The Risk of Data Loss

When it comes to cybersecurity in finance, the biggest risk is that cybercriminals will steal your data. This includes your customer data, such as names, identification numbers, phone numbers, and addresses. And it might also include your financial data, such as account numbers, passwords, and credit card data. If an attacker manages to steal your data, they can use it to do anything from opening new accounts to making fraudulent purchases. They may even be able to steal funds from your accounts. If data gets into the wrong hands, it can cause a lot of damage. In fact, stolen data can be extremely difficult to get back. It can be almost impossible to identify the people who have your data, and they may not be willing to give it back. And, if they use your data to open new accounts or make fraudulent purchases, there may be nothing you can do to get your money back.