Financial Services Brace Themselves for Increase in Email-Borne Cyberattacks

Financial Services (FS) companies expect to see an influx of email-borne attacks during 2021 due to increased volumes in email (81%), according to research.

Accordion to a report from cybersecurity firm Mimecast, 62% of FS organizations believe that it’s likely, extremely likely or inevitable that their company will experience negative business impact from attacks originating from emails. The research also found that 60% of its respondents saw increases in phishing with malicious links or attachments over the past year.

Johan Dreyer, cybersecurity expert at Mimecast, comments, “The use of digital and mobile in the financial services industry is only set to increase further, so we are definitely going to witness an increase in the rate and sophistication of cyberattacks on finance firms and their customers.

“As email remains the most common threat vector and its volume and sophistication of attacks is expected to increase, financial firms need to layer multiple security technologies to protect their email systems,” he continues. “This will ensure any active threat can be dealt with as quickly and efficiently as possible. Such multi-layered defences complement and backstop one another—if a given attack sidesteps one defence, there are others in place that can stop the threat.”

Respondents in the report also noted that they had seen an increase in the misuse of their brands via both email and spoofed cloned web domains (42%). Some also saw an influx in their brand’s misuse in cloned websites (42%) and significant increases in emails that “misappropriated their brands” (11%).

This could mean priorities will ..

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