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IT Security Concerns For The Finance Sector

Cybersecurity is a key issue faced by the finance sector. Whether it is to steal account information, illegally transfer money or inject malware, various tactics are used by hackers to gain access to an organization’s internal network. It is critical that IT professionals are updated with the latest security concerns and formulate a comprehensive strategy to stay protected against different forms of cyber-attacks.

Given blow are some of the top IT security challenges for the finance sector:

  • Extortion: Hacking attacks involving extortion may be initiated in the form of a ransomware or denial of service (DoS) attack. In this, the target computer may be flooded with traffic from multiple servers, with an aim to temporarily slow down or completely disrupt the company’s network. The hackers may demand ransom amount to restore the services and remove the malware from the victim’s computer system.
  • Spear Phishing: This is a common email scam in which hackers send out emails claiming to be from legitimate sources to acquire the victim’s bank account or credit card details and internet banking passwords. In an advanced form of spear phishing, known as whaling, the hacker may even send spoofed executives’ emails to the finance officials in order to get money transferred to fake bank accounts.
  • Data Breach: Vulnerabilities in computer systems are also a major target for the cybercriminals to attain financial information of the users. Lack of security standards, poor data storage practices and unsecure network configuration may put the customers’ sensitive details at risk. It is important to store credit/debit card numbers, verification codes, user ids and passwords in an encrypted format.
  • Point-Of-Sale Malware: It is aimed at stealing information from a business’ payment processing software. The attack can either target retail checkout system or during online purchases. Once the hackers are able to access the information, they may sell the information further or use it to make unauthorized financial transactions.
  • Social Media Attacks: Cybercriminals may also use social media websites to gather information from the employees at a financial institution. With the increasing use of Facebook, Twitter, LinkedIn and other social platforms, employees can be easily duped to acquire confidential information about the company. They may create fake profiles to develop contact with the targeted employee and eventually compel him to reveal important information required to launch a bigger hacking attack. 

We, at Centex Technologies, provide complete cyber security solutions to all types of business firms in Dallas, TX. For more information, feel free to call us at (972) 375 – 9654.

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