Official explains emerging cyberattack trends

The banking industry, with its vast reservoirs of sensitive data and financial assets, has always been a prime target for cyber criminals. Cybernatic Global Intelligence chief executive officer RAVIN PRASAD explains to Business Editor PETER ESILA on the emerging cyberattack trends in the banking industry. As technology advances, so do the tactics and techniques of these attackers. For C-suite executives and board members, staying ahead of these trends is crucial to safeguard their institutions. This piece explores the latest trends in cyberattacks specific to the banking sector, offering insights into the potential impacts and mitigation strategies.

Sophisticated ransomware attacks

• RANSOMWARE has evolved significantly, with attackers now using advanced encryption methods and sophisticated delivery mechanisms. The banking sector is particularly vulnerable due to its critical role in the economy and its reliance on continuous operations.
• RANSOMWARE attacks can lead to significant financial losses, operational disruptions, and reputational damage. Banks might face regulatory penalties if they fail to protect customer data.
  Action: Strengthen defences with comprehensive backup and recovery solutions, conduct regular vulnerability assessments, and ensure employees are trained to recognise phishing attempts that often precede ransomware attacks.

Phishing and social engineering

•  PHISHING remains one of the most effective methods for attackers to gain initial access. Cyber criminals are using increasingly sophisticated social engineering tactics to deceive bank employees and customers.
• SUCCESSFUL phishing attacks can compromise customer data, lead to unauthorised transactions, and expose the bank to significant financial and reputational risks.
  Action: Implement multi-factor authentication (MFA) for all critical systems, conduct regular phishing simulations to train employees, and deploy advanced email filtering solutions to detect and block phishing attempts.

Insider threats

• THE threat from within is growing, with employees either maliciously or inadvertently causing security breaches. The banking sector, with its vast amounts of sensitive data, is particularly susceptible to insider threats.
• INSIDER threats can lead to significant data breaches, financial losses, and regulatory fines. They are often harder to detect and mitigate compared to external threats.
  Action: Enforce strict access controls, monitor user activities for suspicious behaviour, and implement comprehensive insider threat detection programmes. Foster a culture of security awareness among employees.

Advanced persistent threats (APTs)

• APTs are long-term, targeted attacks often orchestrated by State-sponsored actors. These attackers aim to infiltrate banking networks, gather intelligence, and cause disruption over an extended period.
• APTs can result in substantial data breaches, financial losses, and operational disruptions. They pose a severe threat to the security and stability of financial institutions.
  Action: Employ advanced threat detection and response solutions, conduct regular threat hunting exercises, and collaborate with government agencies for threat intelligence sharing. Maintain a proactive security posture.

Supply chain attacks

• CYBER criminals are increasingly targeting the supply chains of banks, exploiting vulnerabilities in third-party vendors to gain access to banking networks.
• SUPPLY chain attacks can lead to unauthorised access, data breaches, and operational disruptions. They can also compromise the integrity of critical banking systems.
  Action: Conduct thorough due diligence on all third-party vendors, enforce stringent security standards, and continuously monitor supply chain activities. Establish incident response plans that include supply chain vulnerabilities.

Distributed denial of service (DDoS) attacks

• DDoS attacks are becoming more frequent and sophisticated, often used to disrupt banking services and extort money. Attackers flood banking networks with traffic, causing service outages.
• DDoS attacks can lead to significant operational disruptions, financial losses, and damage to customer trust. Prolonged outages can also attract regulatory scrutiny.
  Action: Implement robust DDoS protection solutions, conduct regular network stress tests, and establish a clear incident response plan to quickly mitigate the effects of DDoS attacks.

Mobile banking threats

• AS mobile banking grows in popularity, so does the focus of cyber criminals on exploiting mobile vulnerabilities. These include malicious apps, mobile phishing, and man-in-the-middle attacks.
• MOBILES banking threats can lead to unauthorised access, fraudulent transactions, and loss of customer trust. The proliferation of mobile devices increases the attack surface.
  Action: Implement strong mobile security measures, including app vetting, secure coding
  practices, and regular security updates. Educate customers on safe mobile banking practices and encourage the use of security features such as biometric authentication.

Conclusion
The banking industry must remain vigilant and proactive in the face of evolving cyber threats.
For C-suite executives and board members, understanding these trends is essential to develop robust cybersecurity strategies.
By staying informed and implementing PCI DSS v4 compliance and comprehensive security measures, banks can better protect their assets, ensure operational continuity, and maintain customer trust.
Investing in cybersecurity is not just a technical necessity but a strategic imperative that can determine the resilience and success of a bank in today’s digital landscape.
Datec ISO (International Organisation for Standardisation) 27001 certified locally based PNG organisation with its Australian Based Leading Global Cyber Security Partner Cybernetic Global Intelligence, is working with organisations in PNG providing all the key cybersecurity services, Penetration Testing, ISO 27001 compliance certification, Web Application Testing, Log monitoring and cybersecurity incident management, PCI DSS Compliance.