Cybersecurity in the Financial Sector: Risk Mitigation
Cybersecurity Threats in the Financial Sector: Best Practices for Risk Mitigation The financial sector is a prime target for cyberattacks due to the sensitive nature of the data it holds and the potential for significant financial gains for attackers. From data breaches and ransomware attacks to phishing scams and insider threats, financial institutions face a constantly evolving landscape of cybersecurity risks. Common Cybersecurity Threats: Phishing and Social Engineering: These attacks exploit human vulnerabilities to gain access to sensitive information, such as login credentials or account details. Malware and Ransomware: Malicious software can infect systems, steal data, or encrypt files, demanding a ransom for their release. Denial-of-Service (DoS) Attacks: These attacks overwhelm systems with traffic, making them unavailable to legitimate users. Data Breaches: Unauthorized access to sensitive customer data, financial records, or intellectual property can have severe consequences. Insider Threats: Malicious or negligent employees can pose a significant risk, either intentionally or unintentionally compromising security. Best Practices for Risk Mitigation: ...