The new and evolving cybersecurity threats have the banking industry on high alert. Adoption of effective and insightful digital security keys helps the industry bag safety and protection.
FREMONT, CA: Since the last few decades, banks have rapidly adopted newer technologies and digital channels, with an underlying objective of increasing footprints and revenues. There is a perception that the adoption of advanced cybersecurity practices has not kept pace with the rate of evolution of core business enabling technology even though banks are seen to be more proactive in investing and improving security practices. Recently, a paradigm shift is being observed in attacks exploiting the source, behavior, vectors, and motives, which indicates traditional multi-layered defense that banks already have in practice is not adequate. The rising threat landscape includes the following.
• Artificial Intelligence Assisted Attacks
Experts foresee the emergence of deep attacks that use (AI) Artificial intelligence generated content to evade AI security controls. Adversarial AI causes machine learning models to misinterpret inputs into the system and behave in a way that is favorable to the attacker. Attackers typically create these adversarial examples by developing models that repeatedly make minute changes to the model inputs, eventually causing the model to become unstable.
• Internet of Things Threats
Security is often an afterthought in the case of smart devices. Despite the several advantages that smart technologies and IoT offer, there are still loopholes which result in possible cyberattacks damaging the property and life. An attack may come in many forms such as active network attacks to monitor unencrypted traffic in search of sensitive data, passive attacks monitoring unprotected network communications to decrypt poorly encrypted traffic and getting authentication information, close-in attacks, exploitation by insiders to site a few.
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• Router Attacks
Routers have a crucial role in network communications supporting the exchange of information. Router attacks can take advantage of vulnerabilities in protocols, inconsistencies in router software, and weak authentication. Seizures can occur in the form of distributed denial of service and brute force attacks. While they are happening, attacks impact network services and business operations.
• Mobile Threats
Like viruses and spyware that can infect the computer, there are a variety of security threats that can affect mobile devices. Recently Kaspersky Lab detected almost 3.5 million pieces of malware on more than 1 million user devices. The top mobile devices threats include data leakage, unsecured wi-fi, network spoofing, phishing attacks, broken cryptography, spyware, and many others.
With new attacks being reported each day, it can seem that the war on cybercrime is an uphill battle. Following best practices and developing the organization's overall understanding of the risks can help bag a more secure position.