The need for cyber security in the financial services sector is a hot topic, and rightfully so. Financial institutions (FIs) have been and will continue to be the target for cyber attacks by criminals of all kinds. Just think about this for a moment – the average cost of an attack as disclosed by public firms in 2019 was $116 million! A big part of those attacks were related to the hospitality industry, so companies like SecureStay are kept on their toes from day to day, managing to outsmart fraudulent activities on a constant basis.
Crime on a Rapid Rise
It is estimated that cybercrime will go over $6 TRILLION annually by 2021. Perhaps the most critical factor behind this growth is the increased productivity of cyber criminals. The dark web has become a flourishing underground market where criminals of all sorts will acquire the capabilities needed to conduct advanced cyber attacks. In many ways, the dark web has commoditized attack tools, so attackers now have access to a variety of capabilities that include ransomware as a service, renting botnets, and malware as a service, to list just a handful.
Deepfake and AI Threat
Let’s dive deeper into the expanding criminal methods. According to Bruce Schneier, security guru and author of numerous security books, AI-driven social engineering tactics are one of the biggest threats to cyber security. He listed all the things it can be used for-they can be used for business fraud, and there will also be more videos in addition to the deep audio fakes. Automation of the process will become an even greater problem in this area.
Deepfakes will cost companies more than a quarter of a billion dollars, and as they begin to evolve, they will not only become easier to harness, but will also become much more open to bad players. Security experts, developers and engineers are all under pressure to do more with less cyber security, so automation and convergence are critical across the board. Through integrating security into agile via SecureStay and such, firms can efficiently handle risk and maintain the standard of growth.
Consumers at Home
Here is a bit more about how this will affect consumers. Privacy and security will play a more influential role in customer preferences as AI consumer products (such as smart personal assistants — some of which will have facial recognition technology) continue to expand into homes.
Providers of these products will need to provide a clearer picture of how personal information from all these devices is protected in people’s homes. This is inevitable — and, sadly, it could be accelerated by a major leak of classified information by the usage of these gadgets at home.
Security Companies Rapidly Evolving
Cyber Threat Intelligence is a key component of a successful cyber program. Understanding adversary behavior and trends can help the firm anticipate and react quickly before or shortly after an attack.Companies like SecureStay specialize in certain sectors (in this case the hospitality sector), which assists them in being on top of their game and knowing their adversaries, as well as their targets There are significant challenges in the operationalization of intelligence in a way that gives priority to cyber defense activities. A major concern is the sheer amount of data accessible from various sources and the difficulties involved with collecting it into actionable information to inform defense mechanisms such as attack surface reduction, detection logic creation and red team scenarios.
Firms are moving to the cloud with good reason – courtesy of the Covid-19 pandemic. Increasing confidence in the public, private and hybrid data cloud paves the way for new challenges. Higher efficiency, and many enhanced capabilities drive up demand. Additionally, underlying cloud infrastructure can be more secure than traditional infrastructure due to additional attention provided by the cloud providers as well as a consolidated and integrated approach.
That said, there are pitfalls from a cybersecurity perspective. The main point among these is the need for robust security solutions that integrate both the cloud and legacy infrastructure. Given the lack of cloud protection expertise and the lack of hybrid technologies spanning the cloud and legacy, businesses are forced to build on system-wide protection. Furthermore, owing to the consolidation impact of the cloud, minor errors in misconfiguration may have catastrophic repercussions, as several recent breaches have shown, so investing in a trusty partner can prove crucial. Expect to see the increasing use and misuse of cloud drive the need for talent and integrated cloud security solutions.
Be Flexible as a Business
Expect transition to secure agile growth to remain a top problem for some time to come. To be effective, agile teams need a better knowledge of security concerns, a desire to implement security policies and an expanded responsibility for the security of their processes. In addition, security experts need to work quicker, more iteratively, and learn to interpret cyber danger and prevention in more incremental terms. While all of these changes are possible, success often necessitates a change in deep-rooted cultural drivers and incentives. This will not happen without a clear plan as well as an organizational commitment at all levels, but leading firms like SecureStay work with hospitality workers in a knowledgeable way, easing them into the cybersecurity world, in order for the project to work.
Qualified Pros Needed
According to the Verizon Data Breach report for 2020, almost half of all cyber incidents in financial services can be attributed to human actions. Clearly, we’ve got a big issue with people. The number of unfilled cyber positions currently stands at 4 million professionals worldwide!
What the Future Holds
One thing we can count on in the future of cyber security – in 2021 and beyond – is that unless we get more people to sign up for cyber security roles— women, PoC, young people… — the enterprise will have to carry on fighting with one hand tied behind its back.
Moreover, marketplace forces continue to push financial institutions to quick and thorough digital transformation, quickening the usage of tech like the cloud and agile, as well as increasing exposure to the many inherent safety problems. Financial institutions that invest in the above-mentioned tech can greatly lessen cyber risks and substantially better the chance that criminals look in other places to score easier targets.