Page 132 - Cyber Defense eMagazine January 2023

Banks can also use contextual authentication, smart tools that account for behaviors and context
surrounding events like transactions or logins. These tools review a lot of data and use an algorithm to
present a risk score which triggers automated security protocols.

6. Cloud-based attacks

Cloud systems are another big security liability as they contain volumes of sensitive business data.
Protecting these systems isn’t really up to the financial organizations but to their service providers.

That is why financial organizations should do their due diligence in finding reliable partners that have
excellent security tracker records and strategies to ensure no damage will happen. You can do this by:

• Checking if their security is up to standards, including ISO-27018, ISO-27001, ISO-27002, ISO-
27017, and ISO 27001:2013;
• Checking their identity and authentication controls like MFA, CIFA, or real-time identity monitoring
• Seeing if they outline security, support, and maintenance in their SLA;
• Checking out their storage and data center locations
• Checking if they are compliant with the PCI-DSS and EUGDP regulations
• Doing a penetration test on their infrastructure with a cybersecurity professional.

7. Increased risk of supply chain attacks

Supply chain attacks target vendors that offer vital tools or services to the whole supply chain. They inject
malicious code within vendor applications to infect all of their users. Software supply chains are
particularly vulnerable because modern programs are written by using pre-made components like APIs,
proprietary code, and open-source code.

To protect themselves against these attacks, financial organizations need to create a Zero Trust
Architecture. With this structure set in place, all digital interaction stages are validated and verified,
making it much more difficult for attackers to breach information through other services.

Organizations can also include Privileged Access Management because this process controls and
monitors all users with access. Access control is essential, primarily when criminals target accounts
already within a system.

8. Defi and cryptocurrency

More and more financial services include crypto transactions, and even though this might be good news
for crypto enthusiasts, these services carry many risks. DeFi projects often have internal risks as their
systems aren’t secured and tested over time.

Some of the most common internal cybersecurity risks include:

Cyber Defense eMagazine – January 2023 Edition 132
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