EXECUTIVE SUMMARY:

Is spending almost $3,000 on cyber security per employee, per year, a little too much? Prior to the pandemic, financial institutions raised their game by raising their investments in human capital. Now, institutions are responsible for securing resources used by new personnel. Cyber attacks on financial institutions are damaging reputations and resulting in customer losses. 

Since the start of the COVID-19 crisis, the FBI reported a 300% surge in cyber crimes. Financial institutions represent the number 1 target. Why? Well, not to state the obvious, but there’s the money in the bank.

There are also treasure troves worth of other valuable details attached to clients’ bank accounts. These include social security (or similar information), phone numbers, birth dates and other data that could be used to forge passports or identity cards.

Given the newly distributed work environment, the associated digital transformations, and the corresponding operational hurdles within the financial services industry, an expansive and vigilant approach to cyber security is a must.

• Between February and April of 2020 alone, cyber attacks against banks increased by 238%. In the US, Canada and Australia, banks saw threats from the Zeus Sphinx banking trojan. They also fended off hackers interested in US government relief payments related to COVID-19.
• A top US Secret Service official stated that over $30 billion in stimulus funds would likely make its way to hackers. In more than one instance a person in need of relief discovered that a cyber criminal cashed her family’s $3,400 of support.
• Hackers are targeting mobile banking apps. In India, mobile banking malware known as ‘EventBot’ is on the rise. Android users represent key targets.

Financial institutions should aim to avoid reductions in cyber security spending, state experts. “Given the increased push toward digitization and the challenges raised by new, often remote work environments, as well as an increase in insider threats, cyber risks confronting most organizations are intensifying.”

Cyber security researchers recommend that financial institutions reassess and upgrade endpoint security. Get modern features like threat emulation, threat extraction, anti-ransomware, zero-phishing, and more. The right endpoint security can also help organizations enforce zero-trust on endpoint devices.

Transform your security now and stay ahead of the threats. Get insights into extreme threats to the financial services sector. To read Deloitte’s analysis of cyber security on behalf of financial institutions, click here.