The U.S. is struggling to contain the Covid-19 pandemic. After rolling out phased plans for reopening, several states are reversing course as they register record numbers of new cases. In Florida, for instance, state officials had reported daily new caseloads of 8,500 or more for three straight days.
It’s alarming news in general, but it’s also alarming news in cybersecurity, where Covid-19 has become the next great “opportunity” for hackers.
And if current trends continue, the financial services industry in particular should be worried.
Financial Cyberattacks on the Rise
Financial firms have dealt with legitimate concerns about cybercrime for years. In addition to the obvious potential for financial fraud, the data held by these institutions can be used for identity theft, espionage and other schemes.
Covid-19 has intensified these risks in several ways. Social engineers have used confusion over stimulus plans to con their way into individuals’ bank accounts. And foreign actors have homed in on American banks to capitalize on the already overwhelmed state of their defenses. VMWare said in May that cyberattacks on the financial sector had surged 238% between February and April.
Don’t expect the onslaught of hacking activity to let up during a coronavirus resurgence, then. In fact, experts are urging the federal government to bring financial services organizations together against cyber crime. Especially as political tensions with foreign powers manifest themselves in cyber space, these companies face threats they simply don’t seem armed to tackle.
New financial cybersecurity measures are very likely on their way. In preparation, organizations should start thinking about how their current security systems measure up. If you haven’t already, begin considering your plans to meet compliance guidelines, such as those from the National Institute of Standards and Technology (NIST). You also might want to direct resources toward bringing employees and customers up to speed on privacy best practices.
Now isn’t the time to try to rebuild your cybersecurity program all by your lonesome. Fortunately, you don’t have to. Lunarline offers capable threat intelligence, penetration testing, and other products and services that can get your systems where they need to be.
To learn about all the ways we can help, contact Lunarline today.