In the financial sector, 36% of cyber attacks occur due to malicious insiders. The current economic downturn, combined with mandatory work-from-home policies, have prompted experts to suggest that insider attacks on banking institutions are due to increase.
Many financial institutions are migrating their workloads to the cloud with half-baked security arrangements. This makes the misuse of cloud collaboration privileges easy. Employees can abuse their cloud privileges by moving data to online storage spaces, like Box, Google Drive, or their personal email accounts.
Based on recent trends, who in your organization is most likely to move the data? It might not be who you’d expect. According to one expert, “There is more [insider] crime coming from the people who have ‘superpower’ rights and privileges,” than those who are rank-and-file. This is because individuals with ‘superpower’ access also tend to know the most about what information of yours is valuable, and how it could potentially turn a profit elsewhere.
Insider attacks can prove even more insidious and damaging than external threats, as they often go undetected until the perpetrator makes a mistake, or gets greedy.
Increasing cyber security tends to run contrary to convenience, but for financial services providers, investing in cyber security -particularly in relation to your cloud- is a must. In recent months, the perimeter has grown more and more porous, meaning that you need security that you can easily see, manage and trust.
For more information on securing your financial institution, read this whitepaper.
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