Kaspersky advised financial sectors to integrate security and improve their threat intelligence capabilities as digital money transactions surge amid the pandemic.
“For the large majority of cybercriminals, easy money is the prime motivator. And the financial sector is uniquely positioned to be a target of attacks regardless of season because it’s always where the money is.”
-Yeo Siang Tiong, General Manager for Southeast Asia, Kaspersky.
The latest Philippine Banking Sector Outlook Survey also supported the need to integrate and leverage technology in the next two years. After all, not all banks are ready to handle cyber threats. Lockdown restrictions and remote working arrangements rapidly increased the use of digital payments and electronic money platforms.
Nearly half of the organizations are having difficulties finding the difference between real threats and false positives. The security teams are left “flying blind” instead of properly prioritizing actionable threats. This opens an organization to unexpected attacks.
For instance, a hacker group ShinyHunters attacked an American digital banking app in 2020. It led to over 7.5 million leaked personal information of users on hacking forums.
Financial sectors require the latest threat intelligence feeds to secure and protect its connectivity and payments infrastructure. It can identify and analyze cyber threats targeting a business. Kaspersky’s Threat Intelligence Services, supplied organizations with data feeds covering malicious objects that target Android and iOS platforms.
Kaspersky listed three basic things on how threat intelligence plays an important role against these cyber attacks:
- Prevent data loss – a well-structured cyber threat intelligence (CTI) program means your company can spot cyber threats and keep data breaches from releasing sensitive information
- Provide direction on safety measures – by identifying and analyzing threats, CTI spots patterns used by hackers and helps businesses put security measures in place to safeguard against future attacks
- Inform others – hackers get smarter every day so cybersecurity experts share the tactics they’ve seen with the IT community to create a collective knowledge base to cybercrimes.
To know more about Kaspersky Threat Intelligence Program, visit its official website here.