Financial institutions are facing a growing threat from cybercriminals and threat actors, with Contrast Security highlighting the significant risks they face in the digital landscape. A recent survey conducted by Contrast Security revealed that 64% of financial institutions experienced cybersecurity incidents in the past 12 months, showcasing the pervasive nature of these attacks within the industry.
Of particular concern for these institutions are zero-day attacks, with 71% of respondents identifying them as the key threat to safeguarding applications and APIs. This aligns with industry research indicating a surge in zero-day exploits, driven in part by nation-state actors such as China and Russia. These actors are actively seeking and creating zero-day vulnerabilities to target critical infrastructures in Western countries, heightening the need for robust cybersecurity measures within the financial sector.
Apart from zero-day attacks, other significant challenges cited by respondents include dwell time and lack of visibility into the application layer. Dwell time refers to the duration it takes to detect and respond to malicious attacks targeting applications, while the lack of visibility into the application layer hampers efforts to identify and mitigate potential threats effectively. Additionally, supply chain attacks have impacted 52% of financial institutions, further underscoring the complex and evolving cybersecurity landscape they operate in.
Tom Kellermann, a Cybersecurity Advisor for Contrast Security, emphasized the evolving tactics and motives of cybercriminals targeting financial institutions. Kellermann noted that attackers are increasingly focusing on leveraging APIs, cloud environments, and applications as attack vectors, shifting their focus from data theft to launching attacks against an organization’s customers and partners. This shift in tactics necessitates a reevaluation of cybersecurity strategies to effectively counter these advanced threats.
Legacy technology poses another challenge for financial institutions, with many relying heavily on web application firewalls (WAFs) as their primary security measure. However, the ineffectiveness of WAFs against zero-day exploits and modern application attacks highlights the need for more comprehensive security solutions to mitigate evolving threats effectively. Respondents expressed concerns about the ability of their current security controls to address zero-day attacks, indicating a need for stronger defense mechanisms.
Destructive cyberattacks, aimed at destroying data and covering up evidence, have seen a 12.5% increase among financial institutions, underscoring the punitive nature of these incidents. Cybercriminals targeting non-public market information for insider trading and other illicit activities pose a significant threat to the industry, necessitating proactive cybersecurity measures to safeguard sensitive data.
Account takeovers remain a persistent concern for financial institutions, as unauthorized individuals continue to target online bank accounts for illicit purposes. Despite these challenges, financial institutions are improving their response capabilities, with a focus on enhancing threat intelligence sharing among different teams involved in application development and security.
In conclusion, the evolving threat landscape facing financial institutions requires a proactive and comprehensive approach to cybersecurity. By addressing key vulnerabilities, enhancing threat intelligence sharing, and adopting advanced security measures, these institutions can bolster their defenses against cyber threats and safeguard their critical assets in an increasingly digital world.