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:
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Increase in ransomware
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Ransomware developed to attack cloud-based technologies and data storage systems
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Increased access to customized ransomware by offering ransomware as a product or service
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Increase in ransomware sophistication with military-grade encryption, offline encrypting, etc.
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Expansion of IoT, with possible Distributed Denial of Service (DDoS) attacks on the IoT.
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Increase in high-tech attacks and ransomware on mobile devices
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Increase in 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.