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2024 will bring cyber threats to financial services sector

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TLDR:

  • FS-ISAC annual report predicts new cyber threats for financial services sector in 2024
  • Threats include increased misinformation campaigns, DDoS attacks, extortion tactics, focus on cryptographic agility, and supply chain cybersecurity

New cyber threats are on the horizon for the financial services sector in 2024, according to the annual report released by FS-ISAC. The report highlights the sophistication of adversarial tactics like social engineering, SEO poisoning, malvertising, and QR code phishing. Threat actors are also leveraging generative AI for automated attacks and manipulation of AI tools. The sector is advised to advance its mitigation strategies to keep up with evolving threats.

The report predicts an increase in geopolitical hacktivism, with threat actors targeting critical infrastructure through misinformation campaigns and DDoS attacks during a “super election” year. Extortion tactics in response to global regulations are also expected to rise, as cybercriminals exploit new disclosure requirements for financial gain. Additionally, the sector must focus on establishing cryptographic agility to combat advancements in quantum computing and AI.

Supply chain cybersecurity is another key area of concern, with zero-day vulnerabilities leaving the sector vulnerable to attacks on providers. The report recommends closer collaboration with suppliers to enhance incident response and strengthen overall cybersecurity posture. By prioritizing proactive cyber hygiene, companies can ensure operational resilience in the face of cyber threats and maintain trust within the sector.

The Navigating Cyber 2024 report draws insights from FS-ISAC’s member financial firms in 75 countries and analysis by the Global Intelligence Office. Multiple streams of intelligence from January 2023 to January 2024 were used to curate the report. While a publicly accessible version is available, the full report is exclusive to member financial institutions.

About FS-ISAC, the organization works to advance cybersecurity and resilience in the global financial system, protecting assets totaling $100 trillion in 75 countries. The organization’s real-time information-sharing network enhances the security and defenses of its member financial firms.


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