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The Future of Finance Cyber Security in 2020

By Angela Shugarts • Posted about 2 years ago

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Cyber attacks seem to grow more sophisticated and menacing with each passing year. No industry understands this better than finance, as their enormous stores of cash and sensitive data make them a prime target for hackers year-round. Let’s look ahead at four trends that are likely to play a role in 2020’s biggest banking hacks and share how we can help harden financial services firm’s security posture to prevent attacks.

Ransomware attacks will evolve

Ransomware attacks are believed to cost victims billions of dollars every year, as hackers deploy technologies that enable them to literally kidnap an individual or organization’s databases and hold all of the information for a ransom. As companies continue to focus on building stronger defenses to guard against ransomware breaches, some experts believe hackers will increasingly target other potentially profitable ransomware victims such as high-net-worth individuals.

Biometric security leaks and anti-fraud system bypass

A new report from cyber security company

Increased third party risks

Banks have not been impervious to the decentralization of IT that has affected most enterprise businesses. As organizations become increasingly reliant on third-party vendors for their day-to-day operations, financial services firms must be continuously monitored for cyber security vulnerabilities. Lack of awareness of how third-party security services operate could cost banks millions in 2020 and beyond. Ensure your cyber team is not only monitoring its own vulnerabilities but that of its outsourced security as well.

Cryptocurrency hacks

Big banks are starting to dip their toes in the crypto waters, with 

So, how can financial institutions continue to grow and adapt to new technologies while keeping their stores of information and constituent’s wealth safe from adversaries?

Circadence has a solution: our gamified cyber learning platform,

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