Page 130 - Cyber Defense eMagazine January 2023

Using algorithms, intelligent systems can later recognize phishing messages as they don’t fit the profile.
They can also recognize harmful links and flag messages as potential attacks.

3. A broader scope of cyber attacks

Ensuring better protection for the global financial system is a priority. Financial firms, institutions, tech
companies, and government agencies must work together internationally to create a threat-centric
approach.

A threat-centric approach means creating a security framework within the financial secretary capable of
learning about threats and adjusting security strategies. However, to do this effectively, all parties
involved must work together, including the government, tech companies, and financial companies.

For example, SQL injections facilitate significant financial threats, and in 2021 WordPress revealed that
over 600,000 sites were vulnerable to this threat because of a plugin. This is not something the financial
sector is directly responsible for.

Still, organizations need to establish relationships with the industry, government actors, tech companies,
and financial authorities to share strategies, learn about global risks, and find already-applied solutions.

4. Social engineering

Social engineering denotes cyber attacks relying on behavioral techniques to make people send
confidential information or money. FI company representatives are often targeted for sensitive information
used for extracting cash.

Social engineering attacks rely on someone’s trust and goodwill, and people need the training to
recognize:

• When they are urged into doing something without an apparent reason (check all the relevant
facts and resources before responding)
• Unusual URLs or attachments
• Messages asking for something unusual
• Unexpected messages

Identity verification

On the other hand, the finance sector can reinforce security by including verification steps that require
customers to prove their identity. Identity verification solutions can be implemented to verify customer
information as they have their data from official sources like government databases and credit bureaus.

That allows companies to recognize if customers are providing real information. At the same time,
screening software can be used for probing onboarding customers with various questions.

Cyber Defense eMagazine – January 2023 Edition 130
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