Demystifying global cybersecurity threats in financial services

Abstract

The financial sector across the globe ensures sustainable growth in the economy by mobilizing investments, funds, and savings. This chapter attempts to comprehend the current state of cybersecurity within the financial services industry worldwide. The chapter explores the different aspects of global cyber-attacks in financial sectors to elucidate the salient problems, issues, threats, safeguards, and solutions. As technology is progressing, highly technology-savvy criminals are becoming a new threat in the cybercrime space. The entire industry needs an intense transformation to create innovative, state-of-the-art information, and an up-to-date architecture of cybersecurity that is capable of confronting the continuous tides of cyber-attacks and data breaches on an everyday basis. The use of security tools like proxy servers, firewalls, multi-layered email strategy, virus security software, and effective governance strategies are necessary to protect financial sectors from cyber threats and attacks.