3 biggest cyber threats faced by financial institutions today & how to avoid them

SINGAPORE (Apr 13): According to cybersecurity solutions provider Check Point Software Technologies, the financial sector currently faces a total of cyber threats from three main areas, namely: The SWIFT network, consumer banking malware, and information theft.

In its recently-published 2018 Security Report, Check Point uses Far Eastern International Bank’s Oct 2017 US$60 million ($78.7 million) cyber theft as a prime example of how proprietary banking systems are still vulnerable to SWIFT attacks.

To stay protected against the exploitation of SWIFT networks, the firm recommends that financial institutions implement not only standard security measures, but also “cutting-edge protections which will deter even the most sophisticated attacker”.

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