State of the Industry

The financial services industry, inclusive of banks, tax and accounting services, credit unions, brokerages, private equity (PE) firms, venture capital (VC) firms, savings and loan associations, hedge funds, and asset management firms – has become a prime target for cyber threats due to its data-intensive nature and large-scale digital transformation. The U.S. banking regulators in 2021, in response to the escalating cyber threats, implemented a rule requiring banks to report any significant cybersecurity incidents to the government within 36 hours of discovery.

The industry saw a 22% surge in malicious bot attacks, compelling it to intensify its defense mechanisms. Cap Gemini’s Top Trends in Banking 2022 announced cybersecurity as a key competitive differentiator for banks, underscoring the significance of this area.

Recent Attacks:

2022 saw an upswing in ransomware attacks, primarily fueled by the ransomware-as-a-service model. Notably, well-known groups organized such services resulting in high-profile attacks, including the Colonial Pipeline hack. Cybercrime continues to be further driven by the Russia-Ukraine conflict, which led to an influx of hacktivist Distributed Denial of Service (DDoS) attacks, data leakage, and website takeovers. The banking industry in the first half of 2021 reported a 30% rise in ransomware attacks compared to all of 2020, and the industry has faced both an increase in business email compromise scams and the dangerous Apache Log4j vulnerability.

Current and Emerging Threats:

• Ransomware attacks: Ransomware remained a top concern, with Ransomware-as-a-Service programs proliferating and impacting major business sectors. Banks and credit unions are high-value targets due to the significant customer data they possess.
• Business email compromise (BEC): A 300% increase in BEC attacks from 2021 to 2022 has been reported, with fraudsters now expanding their reach beyond emails to other platforms like WhatsApp.
• Artificial intelligence tools misuse: Emerging AI tools can be exploited by threat actors to create more sophisticated attacks, such as generating mis-, dis- and mal-information.
• Apache Log4j vulnerability: The recently discovered Log4j vulnerability allows malicious code injection into the program, posing a substantial risk to financial institutions.
• Insider Threats: Both malicious and inadvertent insider threats pose significant risks. Internal teams with system access can cause breaches, reflecting the need for enhanced security training and oversight.
• Potential increase in hacktivist campaigns: The ongoing geopolitical unrest, such as the Russia-Ukraine conflict, has potential to trigger an increase in hacktivist campaigns, targeting major businesses and governments, and sowing political and financial uncertainty.

CyBourn’s Customized Solutions:

• Vulnerability Assessments & Security Audits: Our team conducts meticulous assessments to identify potential weak spots in your systems, subsequently performing detailed audits to confirm the robustness of your security infrastructure. With a particular emphasis on mapping out both the external and internal attack surface of our clients, we strive to pinpoint gaps, suggest missing controls, and propose specific actions for remediation and improvement. This service allows clients to craft a comprehensive, threat-tailored roadmap aimed at enhancing their cybersecurity posture.
• Comprehensive 24/7 Managed Detection and Response with EtherLast™: Our proprietary EtherLast™ platform powers 24/7 monitoring, threat detection, and response. Our SOC team employs machine learning, customized automation, and existing tools integration for efficient, cost-effective security.
• Incident Response: Our specialized CSIRT (Computer Security Incident Response Team) delivers a robust, swift, and human-led incident response service. We prioritize active remediation, thorough analysis, and expert guidance, emphasizing human-centric solutions over automated incident handling.
• Security Tool Configuration and Management: We help select and configure security tools and often serve as an extended part of client IT teams managing infrastructure.
• Compliance Advisory: We guide businesses through complex regulatory landscapes to ensure compliance with relevant laws and standards.
• Penetration Testing: Through rigorous testing, we identify vulnerabilities that could be exploited by attackers.
• Proactive Threat Hunting: Our team proactively seeks out and neutralizes threats before they can impact your business.
• Vendor Risk Management: CyBourn offers robust vendor risk management, conducting security assessments, continuous threat monitoring, and swift incident response to safeguard organizations from third-party vulnerabilities.
• Prioritizing Insider Threats and APTs: We target insider threats and Advanced Persistent Threats (APTs) by employing proactive threat hunting, behavioral analysis, and comprehensive staff training, thereby reducing the risk of inadvertent data breaches.

CyBourn’s Comprehensive Approach

At CyBourn, we excel in identifying both external and internal attack surfaces, uncovering security gaps, recommending necessary controls, and proposing specific actions for remediation and improvement.

Continuous risk assessment evaluations form a crucial part of our approach. By regularly diagnosing potential vulnerabilities in your systems and utilizing real-time attack surface monitoring, we provide proactive defenses against potential ransomware and phishing attacks.

Our comprehensive approach enables our clients to develop a roadmap for enhancing their cybersecurity posture, tailor-made to the threats they face. Our dedicated, human-led incident response team operates from our 24/7/365 Security Operations Center, utilizing industry-leading tools for real-time system and network monitoring. We ensure early detection and prompt response to potential cyber threats, significantly mitigating any possible damage.

In Summary

In a landscape of evolving cyber threats, CyBourn provides the expertise, technology, and services necessary to secure your banking institution. Together, we can navigate the complex cybersecurity landscape, ensuring your organization remains resilient, protected, and compliant, while safeguarding your clients’ financial and personal information.