The cybercrime business seems to be growing more profitable each day, with continuous innovation and organised underground forums allowing cybercriminals to share, trade and collaborate. As a result, financial institutions often feel outnumbered and overwhelmed.
One of the greatest challenges banks face is gaining visibility into the ever-evolving threat landscape. It’s more important than ever to stay ahead of growing threats by accessing global threat intelligence and leveraging an automated threat protection service.
The need for an intelligence-based ecosystem
In the past decade, cybercriminals have quickly adapted to most security controls deployed by banks. Financial institutions introduce a new, sophisticated security control, and cybercriminals develop creative methods to bypass them. When cybercriminals invent ways to bypass these security measures, banks further tighten controls or deploy a new control to address the gap, which starts this cycle all over again.
The main victim in this continuous cycle is the bank customer. While the bank absorbs the cost of the new controls, customers have the burden to comply. This can translate into delayed transactions, or a customer could even be locked out of accounts. Security and fraud teams also have to adapt to the new controls and are still responsible for investigating each fraud alert, which costs time and money. The repercussions are significant, with negative impacts to internal costs and customer experience.
The malware evolution
Today’s malware incorporates a wide range of capabilities that enable cybercriminals to bypass static endpoint protection systems, initiate an authenticated online banking session, and illicitly transfer money—without either the customer’s or the bank’s knowledge.
Each time cybercriminals become adept at bypassing an existing security layer, organizations must add new layers of protection to close the gap.
A growing criminal network
Not only have attacks become more sophisticated, but so has the cybercrime network.
Underground forums operate much like legitimate online marketplaces today. Vendors sell their “products”—from malware coding and engineering services, to ready-to-use malware toolkits, to comprehensive fraud-as-a-service (FaaS) solutions.
As a result, organisations must protect against a growing number of threats and an increasing number of fraudsters as cybercriminals no longer need to possess advanced technical skills to succeed.
A Dynamic, Adaptable Approach
Staying ahead in today’s advancing landscape demands an automated threat protection service that is both dynamic and adaptable. It requires three core capabilities:
- Global threat intelligence that discovers new threats around the world as they begin to develop;
- Dedicated research and development teams that can make sense of new threats and marketplace changes and quickly identify protections as needed;
- Adaptable technology that is dynamic and can easily be updated — without impacting the bank or customers.
Staying Ahead of Threats
Staying ahead of fraud and other types of cybercrime requires relevant threat intelligence and adaptable solutions. The more threat intelligence you have, the more effective your organisation can be against cybercriminals. And the more dynamic your security solutions, the faster you can block new threats.