Cyber Challenges for the Financial Industry
According to the Identity Threat Resource Center the Business/Banking/Credit/Financial sectors together comprised nearly 50% of the total overall breaches reported in 2015. Moreover, the 2016 Verizon Data Breach Investigations Report indicates that 95% of confirmed web-application breaches are financially motivated. Most recently the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a cooperative society owned by thousands of financial institutions, endured a cyber theft of 81 million dollars from the Bangladesh central bank’s holdings. Indeed, in terms of threat actors and attack vectors, the financial industry is hit at virtually every corner. The industry is plagued by extortion cases, insider threat actors, web-app attacks that compromise credentials and manipulate funds, and exploitation of backdoor channels vulnerable to malware.