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Upcoming cyber threats for the financial services industry

Technology continues to expand into different areas of life. Learn about potential cybersecurity trends that may affect your financial institution.

Table of Contents

Cybersecurity trends

The financial services industry depends more and more on technology every day. Mobile devices and social media drive the charge of consumer technology dependence. Experts predict a greater use of new technologies, such as the Internet of Things (IoT), self-driving cars, and drones. The cyber threat world will change as technology advances.

The Division of Banks (DOB) advises financial institutions and non-depository institutions to be aware of the evolving cyber threat landscape.

Cybersecurity threat trends currently predicted by security firms include and increase in:

  • Ransomware developed to attack cloud-based technologies and data storage systems
  • Access to customized ransomware by offering ransomware as a product or service
  • Ransomware sophistication with military-grade encryption, offline encrypting, etc.
  • Expansion of IoT, with possible Distributed Denial of Service (DDoS) attacks on the IoT.
  • High-tech attacks and ransomware on mobile devices
  • Business e-mail compromise attacks, resulting in high dollar theft. Business e-mail compromise attacks often involves fake wire transfer requests. This type of attack is also known as CEO impersonation.

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