Financial cybercrime may affect businesses of all kinds and sectors. Even private individuals are not safe and may have devastating results. But not all would face the same attack. There are kinds of financial gain-driven attacks and different ways to prevent them from succeeding.
We’ll go through all the valuables regarding financial services cybersecurity but first, let’s see what actually financial attack means?
What is financial attack?
The act of earning financial benefit through criminal activities, such as identity fraud, email and internet fraud, ransomware attacks, and efforts to get access to financial accounts, credit cards, or other payment information, is known as finance attack or financial cybercrime.
The financial services business is a valuable target for cybercriminals; hence they are at the highest risk. While on the other hand, Cyber financial crime also affects a wide range of businesses and individuals. We can also be their target as credit card skimming, cyber-attacks on virtual wallets, and spyware to steal your password can happen to anyone.
Hence, businesses need to look up financial services cybersecurity, whereas individuals can get themselves VPN safe systems to be on a safer side. You can find quite a few free VPNs on the Internet. However, the main question is: “Are free VPNs safe and why are they free?” We recommend you to search for the best-paid VPN because free VPNs are not safe either. VPN companies spend a lot of money on security for their customers, accordingly, free VPNs save on essential aspects, for the sake of free use. For instance, you can look up a VPN that offers a free trial before you pay for it, like VeePN. Then, install it on your cell phones and safeguard your privacy.
What are the different types of attacks?
Types of cyber threats you should be aware of include:
Malware is a type of computer virus. It is often known as malicious software or code. Malware is a programme that is installed on a computer with the intent of jeopardizing the integrity, confidentiality, or availability of data. It is carried out in secrecy and may have an impact on your valuable data, programmes, or even operating system.
Malware has evolved into one of the most serious external dangers to computer systems as Malware is capable of causing broad disruption and damage, which necessitates significant prevention efforts on the part of most companies. For instance, banking data security is compulsory.
Tips to prevent Malware:
Look into the following tips to secure your system:
- Require the scanning and saving of email file attachments to local discs or removable devices.
- Don’t allow any type of files to be sent or received by email (for example,.exe, files). Be specific.
- Removable media, such as flash drives or CDs, should be restricted to high risk systems.
- Limit the users who have administrator credentials or access.
- Make your operating system VPN safe. Install VeePN to ensure that applications are upgraded and patches are installed on a regular basis without any interference from cybercriminals.
Ransomware prevents users from using Malware to get access to their computers. To get access to your valuable data or system, ransomware demands that you pay using online payment channels, usually through virtual currencies such as bitcoins.
Ransomware infiltrates computer networks and uses public key encryption to encrypt files. This encryption key, unlike other viruses, remains on the cyber criminal’s server. Later, this private key would then be demanded as a ransom by cyber thieves. Here, encryption is being used as a weapon by cybercriminals to hold your data hostage.
Ransomware is difficult to spot because ransomware strategies are always changing. As a result, your institution’s prevention measures should be prioritized. Invest in financial services cybersecurity if you’re running a business since banking data security is a necessity here. Also, train your employees on how to proceed with the work safely and to create a solid business continuity and crisis response plans as plan development may be beneficial in the case of ransomware.
Corporate Account Takeover (CATO)
CATO is a type of cybercrime in which cybercriminals mimic a company and send an unlawful wire and ACH transfers. As a result, unauthorized funds are transferred to the criminal’s accounts.
A CATO assault can affect a lot of businesses. Institutions with lax computer security and scant control over internet banking systems are highly vulnerable. This type of cybercrime has the potential to cause significant financial damages; hence, take in cyber security in banking and communicate with your online banking customers with basic online security practices, which are:
- Anti-virus software like VeePN should be updated on a regular basis.
- passwords should be strong
- Passwords should not be kept on the device you use for online banking.
- Separate devices should be used to send and receive wire/ACH commands.
Spam & Phishing
Spam involves unsolicited, unwanted, or unpleasant texts and emails. Whereas, Phishing is a sort of social engineering which includes attempts to gain sensitive information. Phishing attempts will look to come from a reputable individual or company.
In this case, cybercriminals impersonate an official representative and send you a text message or an email containing a warning about your account details. That message will frequently request a response by clicking on a link to a website or an email address. There they will ask you to enter your personal information. Such message formats will usually appear legitimate, with proper logos and real names but be aware that they may not be the same. Any data you enter into the phony link is sent to a cybercriminal which would lead you to a major loss.
Hence, remember one thing businesses, banks, and government institutions usually do not ask for personal information through email. So call them to be sure if you receive any of such emails through an unknown number. Also, never click on a link in an email; instead, type the URL manually in the search engine to safeguard your identity, as you never know if that mail could be spam.
Aayush Kumar Gupta is the founder and creator of ExploringBits, a website dedicated to providing useful content for people passionate about Engineering and Technology. Aayush has completed his Bachelor of Technology (Computer Science & Engineering) from 2018-2022. From July 2022, Aayush has been working as a full-time Devops Engineer.