Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Risk

8/20/2019
10:55 AM
50%
50%

Cyberthreats Against Financial Services Up 56%

Financial institutions interacting with customers online must prepare for a broader, more sophisticated variety of threats.

Financial organizations increasingly turn to online portals, social media, and mobile apps to better engage with customers. However, the same digital platforms' low cost and low barrier to entry make it easier for cybercriminals to exploit them and target a larger pool of financial victims.

ZeroFOX's "Financial Services Digital Threat Report 2019," released today, reports a 56% year-over-year increase in digital threats targeting the financial space. Researchers scanned 2.9 billion pieces of content and found more than 8.9 million security events in a 12-month period. Brand abuse and manipulation was the most common threat, with more than 250,000 events. Ninety percent of these were name impersonations, often not easily detected due to disguising tactics.

Financial services firms are more prone to corporate social media account takeover, researchers found: Attempts occur nearly 30 times per year on average for each company. Each executive is hit with an average of four credential compromises per year, 2.3 of which stem from breached databases. Each financial services company has an average of 30 targeted execs.

Fraud made up 40% of all cyberattack activity against financial services firms, analysts report, and 75% of those scams occurred on mobile apps and social media. Of the 87,900 fraud scams detected, 37% were money-flipping schemes, 28% were customer giveaway scams, and 27% were scams related to cryptocurrency. Researchers also discovered 489 fake mobile apps.

Read more details and check out the full report here.

Check out The Edge, Dark Reading's new section for features, threat data, and in-depth perspectives. Today's top story: "5 Ways to Improve the Patching Process."

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
44% of Security Threats Start in the Cloud
Kelly Sheridan, Staff Editor, Dark Reading,  2/19/2020
Zero-Factor Authentication: Owning Our Data
Nick Selby, Chief Security Officer at Paxos Trust Company,  2/19/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
6 Emerging Cyber Threats That Enterprises Face in 2020
This Tech Digest gives an in-depth look at six emerging cyber threats that enterprises could face in 2020. Download your copy today!
Flash Poll
How Enterprises Are Developing and Maintaining Secure Applications
How Enterprises Are Developing and Maintaining Secure Applications
The concept of application security is well known, but application security testing and remediation processes remain unbalanced. Most organizations are confident in their approach to AppSec, although others seem to have no approach at all. Read this report to find out more.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-9405
PUBLISHED: 2020-02-26
IBL Online Weather before 4.3.5a allows unauthenticated reflected XSS via the redirect page.
CVE-2020-9406
PUBLISHED: 2020-02-26
IBL Online Weather before 4.3.5a allows unauthenticated eval injection via the queryBCP method of the Auxiliary Service.
CVE-2020-9407
PUBLISHED: 2020-02-26
IBL Online Weather before 4.3.5a allows attackers to obtain sensitive information by reading the IWEBSERVICE_JSONRPC_COOKIE cookie.
CVE-2020-9398
PUBLISHED: 2020-02-25
ISPConfig before 3.1.15p3, when the undocumented reverse_proxy_panel_allowed=sites option is manually enabled, allows SQL Injection.
CVE-2015-5201
PUBLISHED: 2020-02-25
VDSM and libvirt in Red Hat Enterprise Virtualization Hypervisor (aka RHEV-H) 7-7.x before 7-7.2-20151119.0 and 6-6.x before 6-6.7-20151117.0 as packaged in Red Hat Enterprise Virtualization before 3.5.6 when VSDM is run with -spice disable-ticketing and a VM is suspended and then restored, allows r...