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.