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Tag: financial industry

Use of AI/ML tools increased by 3000 percent
5 May 2025
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Use of AI/ML tools increased by 3000 percent

AI/ML tools are popular, according to the findings of a recent threat report. However, their increased use also brings with it security risks. Cybercriminals are misusing AI/ML tools such as DeepSeek and Agentic AI as weapons. The report uncovers real-world threat scenarios, from AI-assisted phishing to fake AI platforms. The report highlights that the use of AI/ML tools in companies has increased by more than 3.000 percent compared to the previous year, highlighting the rapid adoption of AI technologies across all industries to unlock productivity, efficiency, and innovation benefits. Companies deployed a total of 3.624 TB of AI during the study period…

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DORA: How financial companies are meeting the challenges
March 19, 2025
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DORA: How financial companies are meeting the challenges

The Digital Operational Resilience Act (DORA) was passed to address the increasing cyber threats in the financial industry and strengthen resilience. Implementation is challenging for many companies. An expert explains how organizations can address this. Since January 17.01.2025, XNUMX, companies in the European financial sector have been required to comply with the DORA requirements. DORA mandates robust IT risk management and incident reporting processes, which poses challenges for many financial institutions. This is because numerous companies in the financial sector still use outdated IT systems that are unable to meet DORA's stringent requirements.

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Need for action regarding DORA
6. February 2025
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Need for action regarding DORA

Why financial institutions must act now to ensure operational resilience regarding DORA. With the Digital Operational Resilience Act (DORA) finally coming into force on January 17, 2025, financial institutions across the EU are faced with the urgent task of significantly strengthening their cybersecurity and operational resilience. DORA introduces comprehensive requirements ranging from reporting security incidents to managing risks along the supply chain. The aim is to better protect the financial sector from the ever-growing cyber threats. Despite the clear deadline, many organizations remain underprepared, which has negative consequences for both…

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Paths to DORA Compliance
24 November 2024
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Paths to DORA Compliance

The DORA regulation (Digital Operational Resilience Act) requires companies in the financial industry to comply with comprehensive business continuity and data security standards for their IT services and applications. Unfortunately, many companies are not prepared to fully comply with these, especially when it comes to protecting data in SaaS applications. HYCU, an expert in backup and data protection as a service, takes a closer look at DORA: DORA covers a wide spectrum, from incident response to threat defense. When it comes to data protection and data backup, many companies are…

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SSTI attacks are increasing significantly
September 6, 2024
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SSTI attacks are increasing significantly

SSTI is a critical threat to web applications. Attackers can use it to execute arbitrary code and take over entire systems. The attacks mainly target the retail and wholesale trade as well as the financial sector. Check Point® Software Technologies Ltd. has observed an alarming increase in so-called SSTI attacks (server-side template injection). Such a vulnerability occurs when user input in templates of a web application is handled incorrectly. Attackers can exploit this vulnerability to execute malicious code on the server on which the web application is running. This can lead to serious consequences such as full access to the server, data theft...

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Financial sector: Study examines IT security
August 30, 2024
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Financial sector: Study examines IT security

Security is particularly important in the financial sector. However, with increasing digitalization, IT security is also increasingly at risk. Every day there are new cyber attacks on companies and the financial sector is no exception. The topic of sustainability has not only dominated public discourse for several years, it has also reached the heart of the financial sector. For example, in the form of sustainable investments and ESG regulations. But in the shadow of this seemingly greatest challenge of our time, a new threat has emerged that is just as dangerous as climate change - but silent and invisible: cybercrime. According to the report...

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Companies discover cyber attackers more quickly
June 3, 2024
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Companies discover cyber attackers more quickly

Cyber ​​attackers prefer to exploit zero-day vulnerabilities, according to the M-Trends Report 2024. However, the average time until they are discovered has fallen significantly. The financial sector is most often affected by attacks. Mandiant, part of Google Cloud, released the 2024 M-Trend results. The annual report, now in its 15th year, provides expert trend analysis based on Mandiant's research into 2023 cyberattacks and how to mitigate them. This year's report shows that companies worldwide have significantly improved their defense capabilities and are detecting malicious activity affecting their business more quickly than in previous years...

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Phishing attacks: 60 percent increase worldwide
29 May 2024
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Phishing attacks: 60 percent increase worldwide

In 2023, the financial industry was most affected by phishing attacks. Criminals are increasingly using generative AI for voice phishing (vishing) and deepfake phishing to improve their tactics. Zscaler, released its annual Zscaler ThreatLabz 2024 Phishing Report, which analyzed two billion blocked phishing transactions in the Zscaler Zero Trust Exchange™ platform between January and December 2023. According to the report, global phishing attacks have increased by almost 60 percent year-over-year. The increase is due, among other things, to the use of generative AI in attack techniques such as voice phishing (vishing) and deepfake phishing. This year’s report contains trends on…

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Financial sector: cyber threats 2024
7 January 2024
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Kaspersky_news

This year, cyberattacks in the financial industry will increase due to the use of AI and increasing automation, cybersecurity experts say. They predict attacks on direct pay systems and one-day exploits. In 2024, Kaspersky experts expect an increase in AI-controlled cyberattacks that imitate legitimate communication channels, which could lead to an increase in low-quality cyber campaigns. They also predict that cybercriminals will increasingly use the popularity of direct pay systems for their own purposes. This will lead to more Clipboard malware; Mobile banking Trojans continue to be exploited more frequently. In addition, Kaspersky experts expect an increase in backdoored packages...

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Financial industry 2024 – six trends for the use of AI
31 December 2023
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Financial industry 2024 - six trends for the use of AI

By 2026, more than 100 million people will come into contact with AI. The use of AI is also increasing in the financial industry. Transparent and secure use is particularly important in this area. Generative AI is currently taking the world by storm and is not stopping at the financial industry. The key to successful use lies in the transparent, trustworthy and secure use of AI: Financial companies that rely on these aspects can increase the introduction of this technology, the achievement of their business goals and the acceptance of users by up to 50 percent...

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