Banking / Financial Services

The Risks

Straight to the Vault

When asked why he robbed banks, American bank robber Willie Sutton famously replied, “Because that’s where the money is”. Similarly, financially motivated hackers now directly target financial institutions instead of their customers, as each heist is worth millions of dollars. Recent hacker campaigns like Anunak, FIN-4, and direct attacks against global banks clearly demonstrate this shift in thinking.

 

Insider Trading

Hackers looking to gain insider information on market-moving events and investments are targeting private equity, asset management and other financial services firms. This passive monitoring can continue for months undetected.

The Damage

Massive Financial Losses

A determined hacker deep in your core systems can do more financial damage than any other event short of a natural calamity. The amounts of these thefts are always in the multi-millions of dollars, and the perpetrators are almost never caught, making recovery a distant dream. With the capabilities of the average attacker improving, the corresponding damage also increases.

 

Destruction of the Brand

More than any other, the financial services industry faces the most customer backlash and loss of confidence when they are faced with a data-breach. Customers expect their money to be kept safe. Apologising for how they lost their life-savings to hackers is not a conversation any business wants to have.

How ILLUSIONBLACK Helps

One of ILLUSIONBLACK’s core use cases is to protect financial systems, including core-banking, ATM networks, financial research and customer databases.

 

To deal with financially motivated cyber-criminals, ILLUSIONBLACK can create entire decoy environments that emulate massive enterprise networks, leading hackers away from critical information and shutting them down company-wide.

Get in touch to understand how we secure the financial services industry.