#Privacy: Banking trojans revealed to be a popular financial services threat

Following the release of its whitepaper, “Follow the Money”, a survey from Blueliv has revealed that Banking and Financial services are struggling with a skills shortage. 

The Spanish threat intelligence firm conducted a Twitter poll of 11,000 users in November, which revealed that 31% of respondents are concerned about the impact of banking Trojans will have on financial services organisations in 2020. Just over a quarter (28%) were concerned about mobile malware.

In the whitepaper, Blueliv reported that it observed a 283% increase in botnets relating to Trickbot over the past two quarters (Q2 and Q3 2019), and a 130% increase in Dridex botnets. 

The whitepaper also stresses how malware targeting mobile apps is a rapidly developing threat to the financial services sector, with functionalities that include credential theft, in addition to stealing funds from mobile users’ bank accounts. 

The poll revealed a pressing issue within the financial services sector to be the shortage of skills (28%), followed by a large volume of threats and alerts (26%) and a lack of visibility into cyberthreats (20%). 

These findings aren’t surprising as many institutions embrace new customer interaction channels and digital processes, thus expanding their attack surface and making it more difficult to keep on top of threats ranging from ATM malware to Point-of-Sale (POS), mobile apps malware to card skimmers. 

“Organizations in the financial sector face a constantly changing threat landscape. Business priorities have shifted and digital risk management is now central. Because they are such high-value targets for cybercriminal activity, it is imperative that financial services organizations monitor what is happening both inside and outside their networks in real-time to create effective mitigation strategies before, during and after an attack,” said Daniel Solís, CEO and Founder of Blueliv. 

“FSI security teams can be easily overwhelmed by the number of threat alerts they receive which can very quickly result in alert fatigue and desensitisation to real, preventable threats. Threat intelligence can address the cyberskills gap through continuous automated monitoring combined with human resource to provide context, helping FSIs develop highly-targeted threat detection, prevention and investigation capabilities.”


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