Advanced Cybersecurity Measures for Financial Institutions in 2022

Advanced Cybersecurity Measures for Financial Institutions in 2022

The COVID-19 epidemic resulted in a tremendous wave of poverty, consistently leading to increased crime, including cybercrime. Several businesses collapsed, and local currencies dropped, making Bitcoin theft much more appealing. But if there is evil lurking in society, heroes always appear as a solution to all these criminal problems. Increased remittance inflows via digital mediums to low-to-middle income countries such as India during the pandemic are ample evidence in this regard. Secure money transfer services, such as ACE Money Transfer, help global Indian expats safely send money to India online.

Advanced cyber security measures for financial institutions have been a priority and introduced for the upcoming, more progressive world. Many financial companies have relied on the new advancements, making the financial thieves look like amateurs for their heinous crimes.

What is Cybersecurity?

Cyber security is the process of protecting computers, servers, mobile devices, electronic systems, networks, and data against harmful assaults. It is often referred to as data cybersecurity or electronic data security. The phrase is used in various situations, ranging from business to mobile computing, and may be classified into a few broad categories.

Financial service providers, such as banking institutions, credit unions, payment service providers, and private equity firms, are entrusted with each customer’s and client’s personally identifiable information (PII). Such data includes your home address, Social Security number, banking information, phone number, email address, and earnings. Because of the enormous value of this data on the darknet, this industry is an appealing target for cybercriminals. That is the reason why financial institutions need advanced cybersecurity measures to battle the dark beasts.

2021 Climax on Cybercrime

2021 had some grave cyber threats. It made us realise how the criminal world can go to any limits to reach its horrendous goals. Some of the heinous acts that the financial world faced through cybercrimes were as follows:

1. Ransomware threats

With ransomware assaults dominating the news last year, law enforcement agencies worldwide have stepped up their efforts to combat ransomware gangs. The concept behind ransomware, a type of malicious software, is simple: lock and encrypt the data on a victim’s computer or device, then demand a ransom to recover access. In many circumstances, the victim might compensate the cybercriminal within a specific time frame or risk losing access for good. Furthermore, because virus assaults are often used by cybercriminals, paying the ransom does not guarantee access would be restored. Ransomware attacks operate by obtaining access to your computer or device and then locking and encrypting its data. It frequently occurs when victims unintentionally download malware via email attachments or links from unknown sources, which are hackers.

2. Android Trojan bankers are becoming more prevalent

Two types of sophisticated Malware attacks spread in assaults that use the same infection methods and delivery infrastructure. The operations, reportedly described by ThreatFabric cybersecurity experts, contain FluBot malware (commonly known as Cabassous) and another Android banking Trojan, Medusa. FluBot is a well-known kind of Android malware that steals passwords, bank details, and other sensitive information from affected cell phones. It also acquires information to address books to propagate itself to additional victims through unwanted SMS messages, which are frequently disguised as a notification about a missed product delivery. FluBot has become so widespread that national cybersecurity authorities have issued warnings about it. Other cybercriminals have taken note of FluBot’s success, to the point that those behind Medusa – which is meant to steal sensitive information via keylogging, capturing screenshots, and gathering data about how the phone is used – have imitated its strategies for distributing their virus. Nevertheless, Droid Trojan Malware is a threat to the financial world.

The Times of India warned the users in 2018 when 232 mobile apps proved risky for sending and receiving funds. Relying on unauthorised applications could have caused irreparable loss of billions of dollars to those who worked hard to earn money overseas. Making an online money transfer to India using a reliable and trusted solution, like that of ACE Money Transfer, is always recommended.

Prediction for 2022

Even when cybercriminals are on the verge of making everyone their victims, precautionary software and financial companies have been on the rise to implement advanced cybersecurity measures in 2022.

1. The rise and concentration of information thieves

By the end of 2021, financial telemetry predicts an exponential increase in info stealers. This trend will continue to be popular in 2022, owing to the range of options, low costs, and efficacy. It might also be used as a bulk collector for targeted and more complicated attacks.

2. Virtual Money attacks – Cryptocurrency

The cryptocurrency market continues to expand, and individuals continue to put their money in it since it is a digital asset, with all transactions taking place online. It also provides users with confidentiality. These are all appealing features that cybercriminal organisations would find difficult to refuse. Not just cybercrime gangs but also government organisations have begun to target this business. The BlueNoroff gang is still aggressively assaulting the bitcoin market after the Bangladesh bank theft, and we expect this action to continue.

3. Fake hardware wallets, smart contract assaults, DeFi hacks, and other threats are all on the rise

While some individuals believe that investing in cryptocurrency is hazardous, those who do understand that their wallet is the weakest link. While most information thieves can readily take a locally stored wallet, a cloud-based wallet is equally vulnerable to assaults, putting cash at risk. In a rush for cryptocurrency investment prospects, fraudsters are expected to exploit the fabrication and sale of rogue devices with backdoors, followed by social engineering campaigns and other tactics to steal victims’ financial assets.

Financial Institutions Running for their Safety and Security Measures

Financial institutions like ACE Money Transfer have tackled the hardships of cybercrime. Many institutes have taken the governmental precautions set for banks and financial service providers, but some may take up their own advancements, which have worked tremendously for their institutes. Nonetheless, financial institutes have enveloped the new world’s advancements and the changing criminal minds. One of these financial service providers is ACE Money Transfer.

ACE Money Transfer – A Safe Space for your Financial Worries

ACE aspires to be the first option for remitters all around the world. One transfer at a time, they connect family and friends all around the world. Their customers are at the centre of all they do, and they want to do their share to ensure their customers’ communities thrive. The Financial Conduct Authority (FCA) in the United Kingdom, AUSTRAC in Australia, and several other Financial Service Regulators have all recognised and regulated ACE Money Transfer as an Authorized Payment Institution (API). So, choose ACE Money Transfer with confidence if you need to send money to India from the UK, Europe, Australia, Canada, Switzerland, or any other region.

So, don’t wait out on the safest, fastest and most reliable remittance company. Join the ACE family now!

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