Image of a person looking at a laptop computer with a phishing scam alert on the screen.

Security Concerns for Business Owners in the Finance Space: Everything you Need to Know to Protect Yourself From Phishing, Malware and Ransomware Attacks

Businesses in the financial space play an integral role in keeping the economy thriving, so it’s no surprise they’re often the targets of phishing scandals. Originally coined in 1996 by hackers stealing AOL accounts and passwords, Phishing gets its name from the sport of angling, where e-mail “lures” were set out to “fish” for passwords and financial data from the “sea” of internet users. The “lures” used in phishing attacks are often quite convincing, pretending to be a trusted entity in order to trick the victim into opening an email or text message. Once clicked, that link often leads to malware being installed on the victim’s system as part of a ransomware attack to steal sensitive information. The attackers then use this information to access accounts, make transfers, commit credit card fraud, or sell the information on the black market.

 

What is Phishing?

Chart displaying phishing scams by industry

Image source: Phish Labs

Phishing attacks can cause devastating losses to businesses in the financial space - including declining market share, financial losses, and the destruction of their reputation and customer trust. In 2021, cybersecurity experts and IT professionals noted a record-breaking increase in cyberattacks. According to Check Point Research, cyberattacks increased 50% year-over-year, with an estimated 30,000 websites hacked every day. In their Cost of a Data Breach Report 2021, Ponemon Institute and IBM noted a 10% increase in the average total cost of a data breach; increasing from $3.86 million to $4.24. This is the highest average total cost of a data breach ever recorded in the 17-year history of the report. 

When compared with other industries, at 41% the financial sector is the target of most phishing crimes, followed by social networking services (19%), and email services (17%). As the number, intensity, and variety of these cyberattacks continue  to increase in 2022, and cyber criminals  devise new strategies for launching sophisticated attacks, how can the financial industry protect itself?

 

What is BullPhish ID?

One of the best ways to help your financial company protect itself against phishing attacks is by educating your staff, and BullPhish ID is one of the best tools to help your company accomplish that task. Upwards of 90% of all company security breaches aren’t caused by hackers, malware, or viruses; they’re caused by employees falling for phishing scams. BullPhish ID for MSPs is a cloud-based anti-phishing and educational tool that can help protect your company from phishing scams, while also training your employees to recognize phishing attacks and understand how to respond to them. The platform allows your business to deliver simulated security threats and phishing incidents in order to help educate and test your employees.

 

Pub 4557

Another way to protect your financial institution is to ensure you’re compliant with Pub 4557. This regulation provides the minimum requirements for electronic storage of records, including email. That means that your company must implement physical, technical, and administrative safeguards for storing and transmitting member information. While this compliance is important from a security standpoint, it’s also required by law.

 

How Can an a MSP Protect Against Phishing Attacks?

Phishing scams can be devastating to your financial institution, and the best defense against attacks is a strong offense. Working with an industry-leading Managed Service Provider (MSP) like Intuitive Networks means we can help alleviate your unique pain points - such as protecting against phishing attacks. Our business is centered around providing your financial institute with peace of mind knowing that your company is protected. Whether you’re looking to protect your business against cyberattacks, or are interested in enhancing your infrastructure, our team of IT professionals is here to help!

 

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