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As financial institutions face more sophisticated attacks on their firmware, they must implement more robust security measures.
The growing threat to the financial industry comes from firmware attacks, becoming increasingly common as cybercriminals find ways to break into systems. This threat could breach the security of accounts, steal sensitive information and funds, and even destroy data.
One recent study reveals that more than half, or 88% of surveyed financial institutions, were victims of a firmware-level breach more than once in the past two years. These attacks lead to data loss and the fear of losing critical security controls.
Financial institutions are also facing growing pressure from regulators who want them to improve their data protection practices, especially when protecting customer funds and sensitive information. This means they need new tools to help them defend themselves against these threats while complying with regulatory requirements as efficiently as possible.
“The study conducted by Eclypsium Research revealed the recurring firmware threats from the last eight months that stem from the “lack of awareness and the inaction driven by ‘out of sight, out of mind’,” said CEO and co-founder of Eclypsium, Yuriy Bulygin.
A report released by the National Institute of Standards and Technology shows that firmware attacks on financial institutions have increased by 500% since 2018; 93% of respondents reveal the lack of security programs to address firmware threats.
According to the Center for Strategic and International Studies, “financial institutions are leading targets of cyber attacks. Banks are where the money is; for cybercriminals, attacking banks offers multiple avenues for profit through extortion, theft, and fraud.”
This issue calls for more robust security to address cyber threats that endanger the financial stability of nations and their citizens.
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