Macrium – The Financial Industry and Cybersecurity Risks

The vast amount of money cyberattackers can access is unnerving. It is motivation to increase cybersecurity regulations.

To address the problem of cyberattacks in the financial sector, we need to see how it’s affecting this industry and the state of cybersecurity now.

How Does Finance and Technology Connect?

For the financial industry, there is a trend toward a cashless society. “Central banks around the globe are considering throwing their weight behind digital currencies and modernizing payment systems.”

With this evolution comes risks. The digital transformation we’re experiencing can compromise “the global financial system, financial stability, and confidence in the integrity of the system.” It points to a global cyber threat banks and technology need to be aware of.

Banks and financial institutions hope to adapt to the times. With modern technology, comes threats from cybercriminals taking advantage of new systems and infrastructures.

What Are the Regulations for Cybersecurity in Finance?

The central bank of the U.S., the Federal Reserve System, includes the Board of Governors of the Federal Reserve System (Board) and 12 regional Federal Reserve Banks (Reserve Banks). The Federal Reserve supports the U.S. economy and the public interest. The Board “is the governing body of the Federal Reserve System.”

The Board strives to detect and prevent imminent threats. They join forces with federal agencies, the private sector, and other resources to track cybersecurity tools. They identify high-risk cyberattacks that require immediate attention.

The role of the federal government to regulate cybersecurity can help administer laws to protect the financial industry. There are multiple laws that cover various sectors. Ones that address finance “provide regulators the authority to supervise these institutions for compliance with such standards.” The financial industry also depends on “broad authorities to shape cybersecurity policies.”

What Are the Types of Finance Attacks?

Kaspersky’s 2021 financial report provides an “overview of the latest trends and key events across the threat landscape.” In it, they found common methodologies cyberattackers employ. The data is also indicative for 2022, as well as what financial institutions need to be cracking down on:

The Board studied current or emerging cybersecurity threats to the financial sector:

  • Malware
  • Ransomware
  • Ransomware as a Service (RaaS)
  • Supply chain risk
  • Sophisticated DDoS threats
  • Increased sophistication in cyber threats

In the financial industry, users trust their banks, online transfers, and retail businesses. Advanced cybercriminals can deceive unassuming users with multiple techniques. Without cybersecurity training or protection that evolves with the malicious and clever attacks, hackers can outwit consumers and corporations alike.

What Can Be Done to Increase Cyber Protection?

66% of financial services use backups to restore data. Following a ransomware attack, this industry was able to restore 62.8% of data.

For “attacks targeting data and algorithms…authorities should also prioritize increasing the financial sector’s resilience.” IMF believes that “secure, encrypted data vaulting…allows members to securely back up customer account data.”

Security is central to software design at Macrium. Our applications give you complete control over where your data is stored and will operate fully offline for the most secure, air-tight networks.

To learn more about finance attacks and installing effective backups to prevent data loss visit and their blog to stay in the know.

Chat with Us

This site uses Akismet to reduce spam. Learn how your comment data is processed.