Ransomware and More: 5 Common Cybercrimes in the Finance Industry

Jul 1, 2023 | Blog

It seems a new type of cybercrime is arriving every day – but some types of cyberattacks stand out among the rest. This is especially true in the finance industry, which is filled with malicious actors looking to take advantage of confidential financial information. How can finance businesses deepen their safety measures like phishing scam protection?

To protect your organization from the negative effects of cyberattacks, like reputational harm, financial damage and legal battles, it’s imperative to know what cyberattacks to look out for. Let’s explore common forms of attacks below and how to recognize them before they affect your organization.

1. Ransomware

In 2022, ransomware was involved in 25% of all security breaches. It’s safe to say that ransomware is a highly common cyberattack – and it’s here to stay. During this attack, cybercriminals will enter an organization’s system, encrypt all data and ask the affected party to pay for a decryption key to access the stolen data again. Some malicious actors will go a step further and threaten to release the data or release sensitive information about a company to encourage faster payment.

2. Phishing Scams

Phishing scams are another all-too-common scam that affects businesses of all sizes, including entities as large as Facebook, Google and Sony Pictures. Here, a cybercriminal will mask themselves as a trusted entity, tricking the victim into clicking a malicious link through email or other forms of communication. Once the victim clicks on the link, they can leave the system vulnerable to malware, ransomware or spyware.

3. Third-Party Vulnerabilities

Financial organizations may work with third parties to help improve their customer service, resolve company pain points, or even to try and improve their security efforts. However, they also leave themselves open to the risk of attack from these parties – particularly if those parties are not secure themselves.

4. Noncompliance

One threat not often considered is one which comes from noncompliance with the latest industry security standards. Here, cybercriminals will target organizations with out-of-date tech or security strategies, as these often leave the greatest vulnerabilities. As a result, it’s essential to keep up with the latest cybersecurity standards, like those provided by the National Institute of Standards and Technology.

5. Insider Threats

The biggest threat to your company could be right inside your organization itself with an insider threat. Employees are the most commonly cited insider threats, but they could also include outside consultants, board members or vendors – essentially, anyone with access to inside information about your company. They may attempt to sabotage the company’s security or even attempt to steal company secrets.

How We Can Help You Avoid These Attacks

Now that you know the most common cyberattacks to look out for, the question becomes how you can avoid becoming a victim of one. The goal is to find a security partner who offers true cybersecurity protection – and that’s something we can help with. Partner with an MSP like us that can help develop a perfect security strategy for your business. Contact us today to learn more about how our services can aid your business. We can’t wait to speak with you!

If you’d like to learn more about how we can help your business with security, check out additional blogs in our resources section.