The financial services industry play an integral role in keeping the economy alive and thriving, so it’s no surprise that the financial sector embraces transformative technologies to deliver a better experience for clients around the world.
While the digital shift paves the way for improved accessibility, variety, and convenience for customers and their relationship with the banking system, going online also exposes the financial industry to a constant stream of cyber attacks.
These digital trojans fool businesses using advanced, phishing tactics, and a whopping 41 per cent of financial institutions are at the end of the phishers’ knife-edge.
Fighting the Growing Cyber Threats Against the Financial Sector
Technologies like AI, machine learning, big data and data analytics, mobile payment methods, and other financial systems are starting to become integrated into the banking industry, so the need for updating regulations, data protection and privacy rules, along with cyber security requirements are more important than ever.
With that that in mind, all these technicalities also invite more phishing attacks as cybercriminals deploy malicious actions to breach sensitive data, resulting in a negative, domino effect from losing credibility, clients, and a significant amount of money.
How Do Phishing Scams Work?
Some ways phishers target financial institutions is by using social engineering, such as posing as a legitimate organisation, to trick employees into giving out confidential information or unsuspectingly download malware onto your network. Other forms of phishing attacks that can hit the financial sector include the following cyber threats:
- Email Phishing
- HTTPS Phishing
- Spear Phishing
- Whaling/CEO Fraud
Seeing as there are different forms of phishing attacks, how exactly can your business improve your cyber security?
Simple Tips to Protect Your Organisation from Phishing Scams
Tip #1: Always Validate Links
Clicking links randomly without ensuring their validity can be riskier than meets the eye, that’s why it helps to train your employees to take some time to verify the link’s legitimacy. Double-checking the link’s security is as easy as hovering over the link and reading the link’s destination. If your team doesn’t recognise the website, it’s best to avoid clicking to prevent accidentally downloading malware.
Tip #2: Incorporate End-User Training to Boost Awareness
Improving your financial firm’s company requires a collaborative effort, so providing training opportunities to your employees can help widen their knowledge on the associated, everyday risks your company likely faces. This gives them the awareness to identify potential threats and thwart suspicious activity before it spirals out of control.
Tip #3: Deploy URL Protection
Another way to enhance your email security technology is to integrate URL protection services, which automatically detects malicious links and content. This method is particularly helpful for spotting spear-phishing or whaling, allowing you to strengthen your first line of defence against email phishing scams.
The Bottom Line: Protecting Financial Services from Phishing Scams
Financial organisations know the importance of keeping up with the times, and in a digitally-oriented landscape, there’s no doubt that financial services firms have grown increasingly reliant on technology.
That’s why it’s important to boost your cybersecurity by employing the professional help of digital protection services, so you can take your precautionary measures to the next level and achieve greater peace of mind for your business.
Why Work With FraudWatch?
Are you looking for digital brand protection for your financial services company? FraudWatch is the best in the industry. We are the leading digital brand protection company committed to taking down online threats targeting different brands around the world.
Since 2003, we’ve safeguarded public figures and companies from phishing, malware, social media, and application impersonation. Learn more about how we can keep you and your clients secure!