Financial Services – Part 1: Maintain Control of your Data in the Face of an Attack

The financial services industry is a routine target for cybercriminals, more so than any other industry. From ransomware to phishing attacks, the first half of 2018 has seen a surge in cybersecurity activity with a significant breach in two of the largest Canadian banks. Cyberattacks may be unavoidable but, in an industry as crucial as financial services, firms must constantly be improving security efforts and ensure employees are armed with the best solutions to instantly respond in the event of the breach before important information is lost.

In part one of this series, we will discuss the different types of security threats you may face.  In part two, we’ll review the compliance and regulatory issues you may face when dealing with cybersecurity. Finally, in part three, we will learn the six steps to avoid cybersecurity risks.

What Are the Most Common IT Security Threats?

  1. Ransomware – Hackers sneak into computers and restrict the access to your system and files. Then they ask for a payment in exchange for regaining access to your system.
  2. Malware Infections – This is the common name given to several security threats that infiltrate and damage your computer.
  3. Pharming – Its objective is to convince you to visit a malicious and illegitimate website by redirecting the legitimate URL.
  4. Phishing – It consists of fake emails or messages that look exactly like emails from legitimate companies. You are deluded into thinking it’s the legitimate company and you may enter your personal and financial information.
  5. Computer Worm – A worm works on its own, lives in your computer, and propagates by sending itself to other computers.
  6. Spam – Spam occurs when you receive several unsolicited emails that will phish for your information by tricking you into following links.
  7. Distributed Denial-of-Service Attack – The attack strategy is to contact a specific website or server over and over again. It increases the volume of traffic and shuts down the website/server. The malicious user usually uses a network of zombie computers.
  8. Network of Zombie Computers – The malicious user takes control of several computers and controls them remotely.

Want to learn how to stop Ransomware and Malware Infections?
Learn how in our blogs.

Let Storagepipe help: 

In the financial services industry, downtime can be detrimental to your reputation and businesses operations. Storagepipe’s backup and disaster recovery solutions can help. Our solutions seamlessly address your backup and recovery, disaster recoverycompliance, security and archival requirements.

With many major financial institutions including credit unions, insurance, and financial services firms as clients, let us provide you with total peace of mind that your data is securely protected. Start your Storagepipe experience today.