_{2024 | A new cyber strategy for the financial sector‍}

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In part because of its high economic value and vast amount of data and assets, the financial sector is a tempting target for cybercriminals. On the other hand, the financial sector is crucial to society, virtually every process from savings and lending to development and international stability depends on a well-functioning financial sectorIt is therefore important for banks and insurers to properly arm themselves against today's risks and partly for this reason, it is important to look at the trends and changes in the cyber-landscape.

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_{Trends for 2024 and beyond:}

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_{Quantum computers and Encryption}

Quantum computers pose a significant threat to current encryption techniques in the financial sector. Their ability to crack traditional encryption algorithms, such as RSA and ECC, could have huge implications for the security of sensitive financial data. To mitigate these risks, it is essential to switch to quantum-resistant encryption methods, such as lattice-based or hash-based cryptography, in a timely manner. These methods resist the processing power of quantum computers and provide long-term data protection.‍

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_{Phishing Campaigns Based on AI}

AI (Artificial Intelligence) is increasingly being used in sophisticated phishing attacks, making them harder to detect. The use of AI enables fully automated generation of highly convincing and almost indistinguishable fake messages and websites specifically aimed at individual targets. To counter this threat, it is necessary to implement advanced detection systems that use machine learning and behavioural analysis to identify anomalous patterns and suspicious activity. In addition, employee awareness and training is crucial so that they can recognise and report the characteristics of AI-driven phishing messages. Repetition is the key word here.

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_{Geopolitical Unrest}

The current geopolitical unrest in the world will continue for some time and has direct implications for cyber security in the financial sector. It increases the risk of cyber attacks from state actors or groups that have political or economic motives and want to create instability. To deal with this threat, it is important to adopt a sound cyberintelligence strategy. This implies that financial institutions should actively collect information on threats, analyse vulnerabilities and be able to react quickly to incidents. Moreover, it is essential to cooperate with each other and national and international security organisations.‍

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_{Attacks via Third Parties (Suppliers)}

The financial sector is highly dependent on third parties, such as suppliers and service providers. This makes them vulnerable to supply chain attacks. It is important to thoroughly assess and monitor the cybersecurity of these third parties. This can be done through regular audits, sharing threat intelligence and establishing strict contractual requirements regarding cybersecurity. In addition, it is essential to develop and have incident response plans ready that include collaboration with third parties.‍

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_{Insider Threats}

Inside threats, or insider threats, are one of the most difficult cybersecurity challenges. Employees with access to critical systems can knowingly or unknowingly cause damage. To minimise this risk, it is important to implement strict access control and user management policies. Consider the principle of least privileges, continuous monitoring and logging of user activity and regular review of access rights. A good onboarding and offboarding policy should not be missing. It is also crucial to create a culture of security awareness and train employees to recognise suspicious activity and encourage good behaviour.

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Deepblue cybersecurity

A good cyber security is an ongoing process. Implement processes and protocols and put it at the top of the agenda. DeepBlue has in-house specialists who can assist you with any issue. Contact us to see what we can do for you.‍‍

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For advice or more information, we invite you to get in touch at:

Contact: +31 (0)70-800 2025

Or read more at: DeepBlue Security & Intelligence

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