Cybercriminals have adapted their tactics to exploit vulnerabilities in banking infrastructure. Among the most relevant threats are:
Ransomware and denial-of-service (DDoS) attacks: Attackers seek to cripple critical systems by encrypting data or collapsing digital platforms.
Financial fraud and identity theft: Through phishing, malware, and man-in-the-middle attacks, criminals obtain access credentials and financial data from customers.
Attacks targeting ATMs: Using techniques such as "jackpotting," hackers manipulate ATMs to dispense money without authorization.
Banking API compromise: With the rise of open banking, attackers are trying to exploit vulnerabilities in application programming interfaces (APIs) to access sensitive information.
Digital money laundering: Financial systems are used to launder money through automated transactions that evade traditional controls.
Impact:
Annual losses from cybercrime in the financial sector exceed $4.5 trillion, according to studies by the FATF and the FBI.
How a Business Continuity & Disaster Recovery approach reduces impacts
When a bank suffers a cyberattack, its ability to recover quickly is crucial. This is where Business Continuity & Disaster Recovery (BC/DR) strategies come into play, ensuring operability even in adverse scenarios.
Key elements of BC/DR in banking:
Automated and encrypted backups to restore data without the risk of corruption.
Incident recovery plans with regular cyberattack simulations.
High-availability solutions to ensure financial services continue to operate.
Quick Fact
A bank in Europe implemented a ransomware recovery model based on immutable snapshots and managed to restore 98% of its infrastructure in less than 24 hours, avoiding millions in losses.
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IAM and secure access management
Identity and Access Management (IAM) is a cornerstone of banking cybersecurity, protecting systems from unauthorized access.
IAM Best Practices in Banking:
Multi-factor authentication (MFA): Adding an extra layer of security beyond passwords.
Zero Trust Architecture (ZTA): Constant identity verification before granting access.
Privileged Access Management (PAM): Tight control over users with high privileges.
Quick Fact
80% of bank data breaches are the result of compromised credentials, making a strong IAM system a must.
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Fraud Prevention & AML Technologies
Financial fraud and money laundering are at the heart of regulatory and security concerns. Banking institutions are adopting advanced technologies to combat these crimes.
Key solutions for Fraud Prevention & Anti Money Laundering (AML):
Artificial Intelligence and Machine Learning to analyze patterns and detect anomalies in transactions.
Blockchain to guarantee traceability and transparency in financial operations.
Real-time monitoring to alert on suspicious account behavior.
Quick Fact
A leading bank in Latin America reduced fraud by 60% by implementing AI -based unusual transaction detection algorithms.
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Regulatory compliance as the foundation of security
Regulatory frameworks impose strict regulations to protect financial assets and customer data.
Main regulations applicable in banking:
PCI DSS: Payment Card Data Protection.
GDPR y CCPA: Data Privacy Regulations in Europe and the US
FATF & PSD2: Anti-Money Laundering Regulations and Security in Digital Payments.
Quick Fact
Benefit of regulatory compliance:
Avoid financial penalties and reputational damage.
Strengthen customer confidence in digital banking.
Reduce exposure to cyberattacks through strict controls.
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Acting now reduces the chances of attack on financial assets
The banking sector is facing increasingly sophisticated threats, from targeted attacks to digital fraud. To mitigate these risks, financial institutions must take a comprehensive approach that combines access management, fraud prevention, disaster recovery plans, and regulatory compliance.
At Onistec, we offer a portafolio of advanced solutions to protect financial institutions against these emerging threats. Security is not an option, it is a necesita in the digital age.
Do you want to know more about how to strengthen the security of your bank? Contact us and find out how we can help you.
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