Financial Institutions Need to Take Cybersecurity Seriously
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43% of cyber attacks target small community businesses
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smallbiztrends.com
4x
Financial institutions are 4 times more likely to be attacked than other industries
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Websense Security Labs Report (now Forcepoint)
47% of the time, companies are unaware that they've been breached until a 3rd party tells them
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Mandiant M-Trend Report
Cyber Attacks Are Expensive
For every $1 taken by fraud, financial institutions pay an additional $2.67 in chargebacks, fees, interest, and labor
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LexisNexis Study
$336
The average cost per stolen record is $336 in financial services
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IBM Security and the Ponemon Institute Report
81% of breaches at community financial institutions were at institutions with less than $35 million in annual revenue
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Beazley Breach Response
The Threats You’re Up Against
91% of cyberattacks start with a phishing email
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PhishMe (now Cofense)
76% of organizations reported being a victim of a phishing attack in 2016
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Wombat Security State of the Phish
Fake invoice messages are the #1 type of phishing lure
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Symantec Report
Failure to patch a 2 month old bug led to the massive Equifax breach
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Ars Technica
Over 80% of breaches are the result of poor patch management
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Voke, Inc.
What is an APT?
An Advanced Persistent Threat (APT) is an attack where various sophisticated techniques are employed to gain access to a network Attacks are performed by well organized and funded groups Once access is gained, attackers take sophisticated measures to avoid detection, perform reconnaissance of the environment, and then execute the primary objective Many times, the primary objective is to gather sensitive data, and then to extract that data
Beginning March 2016, Russian government cyber actors (known as Dragonfly) attacked US energy and other critical infrastructure sectors
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Symantec, US-CERT
On June 4, 2015, US Government officials announced a breach of data at the Office of Personnel Management (OPM) by Chinese threat actors known as Deep Panda
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SANS Institute
39% of people write their passwords on a piece of paper
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Digital Guardian
61% of people re-use passwords across multiple websites
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Digital Guardian
47% of people use passwords that are over 5 years old
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TeleSign Consumer Account Security Report
What is Privilege Escalation?
Privilege escalation is when an malicious program or user gains elevated access a protected area by either exploiting a bug, design flaw, or configuration oversight within an operating system or pieces of software
Forrester estimates that 80% of security breaches involve privileged credentials
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Forrester Wave: Privilege Identity Management
38% of attackers bypass defenses through social engineering
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SANS Survey
48% of attacks occur through user error
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SANS 2016 Threat Landscape Survey
88% of IT professionals consider security awareness training to be the most effective protection against ransomware
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KnowBe4 Survey
There are about 27 different techniques that hackers can use to exploit any vulnerability in any product
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ISMG interview of Dan Schiappa
What is a Drive-by Download?
Drive-by downloads are viruses or malware that a user unintentionally downloads while browsing online
The top 3 browsers (IE, Chrome and Firefox) had 1,004 vulnerabilities in 2015 and 2016
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CVEdetails.com
Cybersecurity in the News
Top Blogs of 2023
As we begin the new year, it’s a great time to revisit some of the most popular blogs we published in 2023. Our top blogs from last year covered a range of topics, including a cybersecurity outlook, updated third-party risk management guidelines, using conditional access policies (CAPs) and multifactor authentication (MFA) to enhance security within […]
Advanced Firewall Features Provide Critical Protection Against Cybersecurity Threats
With the risk of security breaches and data compromises constantly growing, traditional firewalls are not equipped with the capabilities financial institutions need to optimize their network security. Advanced firewalls—also known as next-generation firewalls (NGFWs)—have more complex features that can help institutions block unwanted traffic, prevent cyberattacks, and enhance their security posture. NGFWs go beyond the […]
NetConnect 2023 – A Glimpse into the Future of Technology and Compliance
Safe Systems hosted its 2023 NetConnect Customer User Conference last month in Alpharetta, GA. After taking a hiatus due to the pandemic, Safe Systems customers, employees, and partners were eager to reconvene to discuss the latest trends, challenges, and innovations. This year’s conference provided insights into the evolution of banking and the critical role technology […]
Important Industry Insights on the Use of Anti-Malware and Advanced Features for Ransomware Protection
According to the IC3 2022 Internet Crime Report, the FBI received 2,385 complaints identified as ransomware with adjusted losses of more than $34.3 million. Moreover, 870 of these complaints indicated that organizations belonging to a critical infrastructure sector, such as financial services, were victims of a ransomware attack. This makes it imperative for banks and […]