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Cybercrime: Dangers to the Banking Sector

08/08/2019

In today’s networked world, banks and financial service providers are among the most attractive targets for cyber attackers. According to a recent study by Carbon Black, two thirds (67 percent) of financial institutions and other companies in the financial sector have experienced an increase in the frequency of cyberattacks and attempted hacks. These digital bank robbers probe organizations’ digital infrastructures for security gaps and vulnerabilities that they can exploit. In addition to financially motivated attacks, the perpetrators are often focused on destruction, for example by deleting vital data or paralyzing online services. Even though the financial sector is one of the pioneers in IT security due to its legal and regulatory requirements, hackers are determined – and often succeed in overcoming organizations’ security. 70 percent of the institutes surveyed by Carbon Black stated that financially motivated attackers were their greatest concern.

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