In the last few years, hackers have been much more active and financial firms are their main target. You’d think that financial firms would be the most difficult to hack, but Bangladesh saw one of the biggest successful attacks. Hackers were able to gain access to internal systems and steal almost $80 million from Bangladeshi banks. Because of this latest threat, banks and financial firms have hardened their security. However, smaller firms are now a target as hackers move on to easier targets.
Midsize and Small Financial Firms are the New Target
With increased security and better monitoring systems in place, hackers can now focus on midsize businesses that have slightly less advanced systems. The worst thing a business can do is think that they are not a prime target for hackers.
As a matter of fact, even small businesses with fewer records and data points are still a prime target. These businesses – both midsize and small – often consider themselves too small or undesirable to hackers. With bigger financial firms tightening their security, hackers are turning their focus to these businesses.
What Type of Attacks are Hackers Using?
The latest hack was focused on an unnamed startup that just got its first round of investment money. Hackers were able to plant a keylogger on the CFO’s computer and steal banking information. A keylogger takes keystrokes and sends the data to the attacker. This means any usernames or passwords are available to the hacker.
Hackers have a few other tools in their toolkit. Keyloggers are one way they can gain access to banking systems, but they also use ransomware, phishing, and social engineering. One growing concern for businesses is insider threats. Insider threats are disgruntled employees or even ones that fall for phishing attacks that give the attacker access to the internal network.
The best way to defend against these attacks is through proper monitoring and analysis tools on the network. Education is also key for employees who are susceptible to phishing attacks. You can filter suspicious email, but attackers can still get some emails through your filters. This makes employees susceptible to phishing emails or even downloading keyloggers to their machines.
The right monitoring systems in place can catch any insider threats before they become a critical issue for the organization. You shouldn’t put these security features in place after the fact. Instead, small organizations should beef up security in advance to protect their private customer and employee data.