Banks have good reasons for having some of the most hardened security environments based on the following research report
Financial services organizations–traditionally some of the best-fortified against cyber attacks –see three times as many attack attempts by cybercriminals than other industries do, a new study by Raytheon/Websense shows. Among the tricks they’re using to try to bypass security at banks: code obfuscation, redirected code, and code injection, says Carl Leonard, principal security analyst for Websense Security Labs, who notes that his team intercepts data-theft incidents but not distributed denial-of-service (DDoS) attack attempts.
The financial services industry is considered the gold standard for security as one of the early adopters of the newest security technologies, and with one of the most active cyber threat intelligence-sharing organizations, the FS-ISAC. Regulatory pressure indeed has been a major factor in its maturity in security, but that hasn’t stopped money-hungry cybercriminals from continuing to hack away at banks and financial firm’s defenses.
Banks are well-aware that their security measures aren’t deterring the bad guys. A recent survey by the Depository Trust & Clearing Corporation (DTCC) found that almost half of financial firms consider cyber security the biggest risk to the overall economy. Cybercriminals and nation-states are now regularly performing reconnaissance to find employees within financial firms to target, as well as to probe for vulnerabilities via vulnerability scans. Brian Lozada, CSO for Abacus Group, which provides managed IT services and solutions for hedge funds and private equity funds, says his firm has witnessed an uptick in these scans the past few months.
“Scans looking at open ports, protocols being run, services being run, that sort of thing,” Lozada says of the recon efforts, which he says mainly come from China and Eastern Europe, including Russia. “They are putting out feelers for our environment, trying to listen and look at opportunities,” something that’s a common phenomenon for financial services firms today, he says.