April 12, 2023

Protecting the Vault: Essential Strategies for Safeguarding Banking Industries from Cyber Crime

Joanna Crossley

As the world becomes increasingly digitized, the threat of cybercrime continues to loom large over the banking industry. With more and more financial transactions occurring online, cybercriminals are constantly devising new ways to exploit vulnerabilities in banking systems to steal sensitive information and funds.

One of the most common tools used by cybercriminals to attack banks and other financial institutions is malware. Malware, which is short for malicious software, it’s software that is designed to harm or compromise computer systems. There are several different types of malware that are commonly used to target banking industries, including:

  • Trojans: are a type of malware that are disguised as legitimate software. They are often used to steal sensitive information, such as login credentials and financial data.
  • Ransomware: is a type of malware that is designed to encrypt a victim's files and demand payment in exchange for the decryption key.
  • Botnets: are networks of infected computers that are controlled by a remote attacker. They can be used to launch distributed denial-of-service (DDoS) attacks, steal sensitive information, and distribute spam and malware.

To protect against malware attacks, banks should implement a multi-layered approach to cybersecurity that includes technologies that go beyond detection. For example, Content Disarm and Reconstruction (CDR) technology can help to prevent malware from infiltrating banking systems by removing potentially malicious code from files and reconstructing them in a safe, sanitized format. CDR can be deployed as a standalone solution, or as part of a larger suite of security tools and is an essential tool for all organizations that handle sensitive information, such as finance, healthcare, government, where the risk of cyber attack is particularly high.

Additionally, banks should implement firewall and anti-malware software as part of their cybersecurity strategy. However, it's important to note that relying solely on detection-based technologies is not enough, as cybercriminals are constantly developing new techniques to evade detection. That's why technologies like CDR, which focus on prevention, are becoming increasingly important.

In conclusion, malware technologies pose a significant threat to the banking industry, but by implementing a layered approach to cybersecurity, banks can protect themselves and their customers from the devastating effects of cybercrime. By staying vigilant and up to date with emerging threats, banks can stay one step ahead of cybercriminals and ensure the security of their systems and the trust of their customers.

Find out more about Forcepoint’s Zero Trust CDR.

Joanna Crossley

Joanna Crossley joined Forcepoint as a part of the Deep Secure acquisition in 2021, Joanna works with the Global Governments team specialising in demand generation and social strategy.

Joanna is based in the United Kingdom.

Read more articles by Joanna Crossley

About Forcepoint

Forcepoint is the leading user and data protection cybersecurity company, entrusted to safeguard organizations while driving digital transformation and growth. Our solutions adapt in real-time to how people interact with data, providing secure access while enabling employees to create value.