Cybercriminals are attacking businesses like never before, and they have way more of an interest in the financial services sector than in past years. The pandemic has caused difficult financial situations for many, that includes cybercriminals too, which is why they have their targets locked on the most lucrative sector.
Remote work is part of the reason for the sudden spike in financial sector related cyberattacks. Experts highlighted remote access inefficiencies, due to the increase in the number of people working from home, as the greatest security challenge. They also mentioned virtual private network (VPN) vulnerabilities as another security challenge. These are challenges for every business but especially for remote workers in the financial sector, who must protect more sensitive information.
The financial sector was the most commonly targeted sector, receiving 51% of attacks. This was followed by healthcare (35%), professional services (35%) and retail (31%).
Because organizations in the financial services industry are entrusted with highly valuable and personally identifiable information, they are an attractive target for cybercriminals. Businesses in the financial sector have the most valuable information for cybercriminals. Such as social security numbers, bank information, insurance information, names, contact information, and addresses. All this personally identifiable information can sell for a high price on the black market.
A cybersecurity company has reported a 238% increase in cyberattacks between February and April 2020. With the financial sector receiving a majority of pandemic attacks, a cybersecurity solution is essential in the fight against cybercrime.
Protect your business from the rapid increase in cyberattacks on the financial industry
Ostra is your cyber-security-solution that offers a 360 degree, 24/7 protection that works seamlessly in the background, protecting sensitive data and communications at every access point. We offer a secure VPN connection to protect your remote workers. We also offer email protection, to protect against one of the financial sectors’ biggest threats, phishing scams.