Financial institutions are frequently targeted in cyberattacks—here’s how to protect your bank or credit union
Financial institutions consistently have been the most cyberattacked industry for the past decade. It is no surprise, given that banking enterprises hold large volumes of sensitive data about people, companies, and governments, and their transactional business revolves around massive volumes of money transfer. Hackers will continue to strike with increasing sophistication since the data held by financial institutions is of high value with the potential for extremely lucrative financial gains if stolen. For example, the Europe-based Carbanak and Cobalt malware campaigns targeted more than 100 financial institutions in greater than 40 countries during five years from 2013-2018, and the criminal profits yielded over a billion Euros.
Attacks are increasingly sophisticated and cyber criminals continue to invest in new and complex criminal strategies and campaigns. Hackers in banking often take advantage of the interdependencies of financial institutions to service products such as credit cards and mortgages for other banks. From one bank breach, the cyber cartels jump to the partnered financial institution to steal its data as well.
In some types of cyberattacks, criminals make slight changes to data, which may not be immediately detectable. Because nothing is stolen at the time, users may not recognize the attack. However, once the criminals gain access to this data, they can manipulate algorithms in the system for their own financial gain. Timestamp manipulation is a newer strategy, whereby criminals have found that they are more likely to evade detection if they manipulate time for an otherwise valid transaction. Changing timestamps can alter the value of capital and trades. Because the parties to the transaction appear to be legitimate, this type of fraud is harder to detect.
Other criminals outright steal data for financial gain by selling it, hold data hostage for ransom profit, or pilfer intellectual property such as an organization’s competitive strategy and business plans to sell to interested parties. But the main goal in banking cyber-criminal activity is direct profit from a modern-day bank heist—stealing money from the bank.
Despite the increasing complexity of cyberattacks against financial institutions, there are some tools and best practices that banks and credit unions can use to protect themselves from these threats:
- Continuously update security technology and protocols as threats evolve and adapt with the help of a dedicated full-time security team.
- Employ 24/7/365 monitoring with remote remediation to quickly stop attacks in their tracks
- Monitor endpoint devices to stop attacks before they hit networks.
- Monitor cloud security including application use across the financial institution.
- Monitor email and Office 365 using tools specially designed to thwart attacks on these platforms, such as proactively recognizing and removing phishing scams.
- Have a dedicated security team and SOC, or hire an expert outside managed security services firm that embeds tools, technology and 24/7/365 monitoring to serve as your SOC.
- Push frequent patches so that user devices are equipped with the latest security protections.
- Adopt deep learning or AI monitoring, mitigation and context investigation that can more quickly identify threats.
- Encrypt data so that it is not compromised even if a breach occurs.
- Use multi-factor authentication to protect against unauthorized access.
- Instruct employees and customers to only access bank data in a secure location over a non-public Internet connection.
- Train employees on cybersecurity threats quarterly.
- Develop a solid business recovery plan for when an attack occurs.
Learn more about how Aunalytics Advanced Security helps protect financial institutions, and businesses in other highly regulated industries, from cyberattacks.
Catalyst University 2022
Catalyst University 2022
Radisson Kalamazoo, Kalamazoo, MI
Aunalytics to Attend 2022 Catalyst University
Aunalytics is excited to once again attend Southwest Michigan First’s Catalyst University 2022 in Kalamazoo, MI. Aunalytics is participating as a speaker sponsor this year, and is pleased to present Chip Heath, best-selling co-author and professor at Stanford Graduate School of Business, teaching courses on business strategy and organizations. He will be speaking about how to translate numbers into things our brains can comprehend and use to tell compelling stories.
Aunalytics Cites Cybersecurity Best Practices for Financial Services as Attacks Rise 118% in 2021
Secure Managed Services Provider Protects Community Banks and Credit Unions as Cybercriminals Double Down on Efforts to Breach Financial Data, Compromise Accounts, and Profit Illegally
South Bend, IN (December 14, 2021) – Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, today announced several cybersecurity best practices for financial services firms, including community banks and credit unions. This guidance follows new data showing hackers will continue to strike these organizations with increasing sophistication, targeting the high value data held by these organizations.
For the past six years, the finance sector has been ranked number one as the most cyberattacked industry. In 2020, attacks against banks and other financial institutions climbed an incredible 238% followed by a further impressive 118% increase in 2021. One example includes Europe-based Carbanak and Cobalt malware campaigns which targeted more than 100 financial institutions in more than 40 countries during five years, yielding criminal profits of more than a billion Euros.
According to the 2021 Modern Bank Heists 4.0 survey, the most common types of attacks hitting the financial services sector in 2020 and 2021 included server attacks, data theft and ransomware cases. It was also found that 57% of surveyed financial institutions revealed an increase in wire transfer fraud, 54% had experienced destructive attacks, 41% had suffered brokerage account take-overs, 51% experienced attacks on target market strategy data, 38% suffered attacks originating from hackers accessing trusted supply chain partners to gain entry into the bank, and 41% had become victim to manipulated timestamps resulting in fund theft.
Increasing the challenge for financial institutions is the fact that the current unemployment rate for IT security professionals is approximately 0%. The scarcity of highly skilled security professionals is compounded by the huge volume of emerging threats. As a result, financial institutions are struggling to keep up with the ever-increasing threat landscape. Digitalization in commerce is driving the need for continuously adapting and evolving skills and knowledge for IT security.
Best Practices for the Defense Against Cyber Threats
As a specialist in secure managed services, the experts at Aunalytics have reviewed the top actions necessary to secure IT, administrative, and environments touching the consumer in the financial services space to prioritize the most important areas that should be considered when securing these businesses against a cyberattack. The following best practices include:
- Continuously updating security technology and protocols as threats evolve and adapt. This means deploying a dedicated full-time security team – not an overworked IT department handling system stability and help desk, while also trying to keep abreast of the latest security threats and technologies, piecing together security tools as a solution. This is not a solution.
- Employment of 24/7/365 monitoring with remote remediation to quickly stop attacks in their tracks.
- Monitoring endpoint devices to stop attacks before they hit networks. User devices are the most likely entry point for attackers to compromise a financial institution due to the high propensity for innocent user error opening doors.
- Monitoring cloud security including application use across the financial institution to be on the lookout for atypical user behavior signaling an attack.
- Monitoring email and Office 365 using tools specially designed to thwart attacks on these platforms, such as expertly recognizing and removing phishing scams before employees have an opportunity to unleash horrible consequences with a rogue mistaken click.
- Having a dedicated security team and SOC, or hire an expert outside managed security services firm that embeds tools, technology and 24/7/365 monitoring to serve as an SOC. This is a must for financial institutions.
- Pushing frequent patches so that user devices are equipped with the latest security protections.
- Adopting deep learning or AI monitoring, mitigation and context investigation that can more quickly identify threats.
- Encrypting data so that it is not compromised even if a breach occurs.
- Using multi-factor authentication to protect against unauthorized access.
- Instructing employees and customers to only access bank data in a secure location over a non-public Internet connection.
- Training employees on cybersecurity threats quarterly.
- Developing a solid business recovery plan for when an attack occurs.
“The challenge with cyber threats is daunting because they can enter the business environment from any number of areas, making comprehensive, multi-layer security strategies and implementations a must,” said Katie Horvath, CMO, Aunalytics. “However, by implementing this recommended regiment of protections, organizations can significantly reduce the risk of a successful attack, safeguarding client data and the organization’s long-term viability.”
Tweet this: .@Aunalytics cites cybersecurity best practices for financial services as attacks rise 118% in 2021 #Dataplatform #Dataanalytics #Dataintegration #Dataaccuracy #ArtificialIntelligence #AI #Masterdatamanagement #MDM #DataScientist #MachineLearning #ML #DigitalTransformation #FinancialServices
About Aunalytics
Aunalytics is a data platform company delivering answers for your business. Aunalytics provides Insights-as-a-Service to answer enterprise and mid-sized companies’ most important IT and business questions. The Aunalytics® cloud-native data platform is built for universal data access, advanced analytics and AI while unifying disparate data silos into a single golden record of accurate, actionable business information. Its DaybreakTM industry intelligent data mart combined with the power of the Aunalytics data platform provides industry-specific data models with built-in queries and AI to ensure access to timely, accurate data and answers to critical business and IT questions. Through its side-by-side digital transformation model, Aunalytics provides on-demand scalable access to technology, data science, and AI experts to seamlessly transform customers’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Denise Nelson
The Ventana Group for Aunalytics
(925) 858-5198
dnelson@theventanagroup.com
Cybersecurity Controls Checklist
Cybersecurity Controls Checklist
Cybersecurity standards are constantly evolving as cyberattacks get increasingly complex. The following checklist from the Center for Internet Security (CIS) will allow your organization to evaluate whether the correct controls and safeguards are in place to meet global cybersecurity standards.
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Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.
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Cybersecurity Drives Insurance Crack Down
Cybersecurity Drives Insurance Crack Down: Be Prepared to Document Your Security Posture
A common question for cyber insurance brokers in the last few years has been “If I implement this cyber security control, will I get a discount on my insurance premium?” The answer has been typically “no.” But these days, the answer has changed to “no, you won’t get a premium discount. And if you don’t implement that security control, you might not even get insurance.”
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Aunalytics CMO Katie Horvath to Participate as a Panelist at Traverse Connect’s Economic Summit 2021
Horvath to Address Data Analytics and Cybersecurity at Annual Event that Looks Ahead at the Emerging Business Climate and Highlights Trends, Economic Issues, and Expert Knowledge
South Bend, IN (November 2, 2021) - Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, is pleased to announce that Katie Horvath, chief marketing officer for Aunalytics, has been invited to participate as a panelist at Economic Summit 2021 on November 2, 2021 in Traverse City, hosted by Traverse Connect. The annual summit will highlight trends, speak to issues affecting the economy, and share knowledge from economic experts to support organizations’ efforts to thrive in today’s challenging business climate.
Horvath will participate in the summit’s Economic Outlook Luncheon panel, which will address the economic outlook for the Traverse City region. She will specifically talk about the current state of cybersecurity and how it is impacting business insurance. For the past six years, the finance sector has ranked #1 as the most cyberattacked industry, with cyber criminals continuing to double down efforts to breach financial data, compromise accounts, and profit from this industry with increasingly sophisticated attacks and campaigns. Horvath will also discuss how imperative data analytics has become for regional financial institutions and healthcare providers with the current business climate.
The panel will also include Jeff Korzenik, managing director and chief investment strategist for Fifth Third Investment Management Group; Jamie Gallagher, president and chief executive officer for Faber-Castell USA; and Stacie Kwaiser, chief operating officer for Rehmann.
“I’m honored to participate in this year’s Economic Summit in light of the dynamic work and economic challenges and opportunities that exist at every level in our environment today,” said Horvath. “It has never been more important to gather information, exchange ideas, and explore possibilities. I look forward to being a part of the Economic Outlook panel and discussing very important issues, such as the importance of cybersecurity and banking, that impact our economic health and well-being.”
The Economic Summit will be held at the Grand Traverse Resort & Spa, and feature a Business Showcase highlighting 20 businesses in the Grand Traverse region. Aunalytics is pleased to be a sponsor of this year’s Economic Summit.
About Katie Horvath
Katie Horvath is Chief Marketing Officer for Aunalytics, Inc. She has been recognized by the United States Congress with a leadership award for innovative business models in healthcare for her work in rural oncology care with Munson Medical Center. Horvath is one of the newest members appointed by the Governor to the Michigan Women’s Commission. She serves on the Advisory Board for Industrial & Operations Engineering at the University of Michigan School of Engineering, and the Michigan Artificial Intelligence Advisory Board through the Center for Automotive Research. Horvath is a mentor and advisor for 20Fathoms tech incubator in Traverse City and a regular speaker at the National Cancer Prevention Caucus and Workshop on Capitol Hill and a member of the Forbes Communication Council.
Tweet this: .@Aunalytics CMO Katie Horvath to Participate as a Panelist at Traverse Connect’s Economic Summit 2021 #Dataplatform #DataAnalytics #Dataintegration #Dataaccuracy #AdvancedAnalytics #ArtificialIntelligence #AI #Masterdatamanagement #MDM #DataScientist #MachineLearning #ML #DigitalTransformation
About Aunalytics
Aunalytics is a data platform company delivering answers for your business. Named a Digital Innovator by analyst firm Intellyx, and selected for the prestigious Inc. 5000 list, Aunalytics provides Insights-as-a-Service to answer enterprise and mid-sized companies’ most important IT and business questions. The Aunalytics® cloud-native data platform is built for universal data access, advanced analytics and AI while unifying disparate data silos into a single golden record of accurate, actionable business information. Its DaybreakTM industry intelligent data mart combined with the power of the Aunalytics data platform provides industry-specific data models with built-in queries and AI to ensure access to timely, accurate data and answers to critical business and IT questions. Through its side-by-side digital transformation model, Aunalytics provides on-demand scalable access to technology, data science, and AI experts to seamlessly transform customers’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Denise Nelson
The Ventana Group for Aunalytics
(925) 858-5198
dnelson@theventanagroup.com
How Cybersecurity Mitigation Efforts Affect Insurance Premiums, and How to Keep Your Business Secure
Cyberattacks have increased sharply over the past year. According to an August 2021 survey by IDC, more than one-third of organizations globally have experienced a ransomware attack or breach that blocked access to systems or data over the last twelve months. As a result, insurance companies are tightening eligibility requirements for cybersecurity coverage and requiring their insured to maintain higher standards of data security in order to qualify for better rates, and sometimes for renewal at all. Rates are increasing—up to 100%—for 2022, even for companies without any cyber incidents.
If you have received a renewal notice with a shocking sticker price for 2022, it is time to review your internal controls and security to learn if you can put in place further data protection to lower your rate. Worse, if you have received a notice that your business insurance policies are now excluding cyber coverage, data theft, or privacy breaches, you may be forced to shop for new cyber coverage at a time when attacks are at an all-time high. Without adequate security controls, obtaining coverage may be impossible. Due to the high cost of data breach incidents, you need to make sure that you are eligible for cyber coverage, but what does it take for 2022?
Aunalytics compliance and security experts are ready to help. We provide Advanced Security and Advanced Compliance managed services including auditing your practices, and helping you to mature your business cybersecurity processes, technology and safeguards to meet the latest standards and prevent new cyberattack threats as they emerge. Security maturity is a journey, and best practices have changed dramatically over the years. Threats evolve over time and so too must your cyber protection for your business to remain compliant and operational.
