Cyber attacks on financial institutions have been on the rise for a few years now and show no sign of slowing down. Find out how you can ramp up the fight against these attacks with cyber security awareness training for financial institutions.
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According to a report from VMware, cyber attacks on financial institutions increased by 238%. Another study by IBM and the Ponemon Institute revealed that the average cost of a cyber attack in the financial sector was $5.72 million in 2021.
Have you ever wondered why financial institutions have become such an attractive target for cyber criminals?
Well, the most obvious reason is the paycheck—targeting financial institutions pays big. Ransoms for attacks can often go into the millions of dollars.
The second reason is the digital transformation of the financial sector. While it may seem counterintuitive, the rapid digitalisation of the industry has increased the attack surface, opening the floodgates to more numerous and sophisticated attacks.
And another important motivating factor for cyber criminals is the high number of customer touchpoints in financial interaction. To make an error is human nature and when there are a lot of humans involved, there are bound to be some errors. This is exactly what cyber criminals exploit to get minted.
Improve awareness among employees and customers
Most cyber attacks start with a human error. So, it pays to have customers and especially employees educated about cyber threats, cyber hygiene, and what actions to take if they’re exposed to risks.
Adopt advanced data encryption techniques
When it comes to cyber security, storing customer data—or any data for that matter—in plain text is a cardinal sin. Using advanced data encryption techniques is the best way to protect sensitive data.
Use Multi-Factor Authentication (MFA)
With cyber criminals getting more creative each day, having a strong password is not enough to protect devices and accounts. Setting up multiple authentication steps is a must in this environment.
Establish a robust incident response plan
No matter how strong the cyber security infrastructure is, some threats can slip through the cracks. When this happens, having a sound plan detailing the next steps to be taken can limit the damage.
Cyber attacks on financial institutions can have potentially disastrous consequences, not only for the compromised institutions but also for the entire monetary system.
One of the most effective ways to reduce this risk is cyber security awareness training for financial institutions.
With the right cyber security awareness training for financial institutions, your teams can become cyber crime fighting heroes—and we can support you with that.
Training courses designed by the top experts in Australasia
Customised training solutions to fit your training needs
Storage of training data in data centres on Australasian soil
At-a-glance analytics to track your staff’s training progress
Cyber criminals always find new ways to trick people into their elaborate schemes. Get our free handbook to find out how your staff can avoid these schemes.
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