Navigating the Future: 3 Growing Cybersecurity Trends for Consumer Banks
By: Brittany Holmes, Corporate Communications Manager at Adlumin
As the summer wraps up and we prepare for the end of another year, it becomes increasingly clear that the cybersecurity industry, particularly for consumer banks, is undergoing significant transformations. Despite the challenges posed by advancing technology, one thing remains constant: the vital role of cybersecurity in protecting our digital assets and personal information. Staying vigilant is critical in remaining steps ahead of cybercrime.
Below are three rising key cybersecurity trends, shaping how consumer banks approach digital security and setting the tone for the coming months.
- Cloud-Based Attacks: Consumer banks have adapted to servicing customers through apps to remote employees, increasing the attack surface for adversaries. Most data is stored in the cloud, and as a result, cybercriminals are focusing on the cloud as the main target for attacks. The key to managing cloud risk is being able to identify when user activity deviates from normal matters. This can be accomplished by investing in a solution with User Entity and Behavior Analytics and one that will ingest security signals from your productivity tools.
- Insider Threats: This emerging challenge is sometimes misunderstood. While it could be a disgruntled employee posting sensitive information, we’re referring to human error that occurs internally. According to VentureBeat, “one out of every five breaches, 19%, originate from the inside.” Whether it is an employee accidentally leaking password credentials or downloading malware without realizing it, not following security protocols leaves sensitive data at risk. Investing in a Proactive Security Awareness Program is essential to educating employees to better protect against this risk.
- Business Email Compromise (BEC) Attacks: BEC remains one of the top ways attackers steal information, achieve financial gains, and find their way into a consumer bank. It works because it involves a human element. They trick and deceive users into taking harmful actions, sharing sensitive information, or providing monetary gains. An AFP report also shared “evidence that BEC remains a problem, with 71% of organizations experienced an attempted or actual BEC attack in 2022.” Security professionals must focus on educating employees to gain awareness and recognize these techniques to defend against BEC attacks.
Command More Visibility
While the above trends highlight some of the obstacles consumer banks encounter, it is crucial to go beyond mere knowledge and take proactive measures to ensure security. By implementing a robust security plan, consumer banks can effectively defend against the common trends they face and strive towards long-term success in a rapidly changing environment.
Are your Security Defenses Ready?
With a Security Operations Platform plus Managed Detection and Response (MDR) Services, consumer banks have everything they need to maintain a top-tier security posture. The goal is to help consumer banks better secure their network environment with expert-led, enterprise-grade security tailored to your size and budget.
To learn more about how Adlumin’s Security Operations Platform and MDR services is instrumental to protecting your assets and sensitive data, download our Summer 2023 Cyber Threat Insights report, contact us or sign up for a free trial, today.