A month or more into 2023 we have already seen major alerts about banking cybersecurity, plus new insights into how banks can strike back against cyber criminals.
Published in January, EY’s authoritative survey of chief risk officers (CROs) at major banks revealed that cybersecurity now tops the list of near-term risks for banks globally, ahead of credit risks.
What is striking about the EY study is how it spotlights a strong lack of confidence among bank CROs in their banks’ ability to defend against cyber-attacks. More than half (58%) express inability to manage cyber threats as their top strategic risk.
The EY findings coincided with the FBI director Chris Wray privately briefing top banks on concerns about cybersecurity and resiliency at Davos, according to a Reuter’s report. There are no further details of this closed meeting but the fact that it happened underscores how cybersecurity is a top-level strategic issue for banks especially with the rise in attacks linked to geo-political forces and instability.
2023 Starts with Cyber Attacks on Banks
Traditional and new generation self-service banking devices are being targeted by cyber criminals globally. The ending of the pandemic has seen as rise in ATM usage which has been mirrored by threat actors returning their attention to these devices. The increased risk of ATM-related banking cyber attacks is supported by how the number of ATM device infected by malware has grown and new ATM/POS hacking tools have been developed.
To underline the importance of continued vigilance against cyber security threats in 2023, we have already seen the year’s first cyber banking -attack reported with Denmark’s central bank and several private banks targeted in January.
Thankfully, the financial services community is not helpless against these threats. It is ever more important for banks and ATM operators to share best practices on how to prevent and mitigate attacks on vulnerable systems essential for customers’ access to cash and financial services.
Learning from Success of 5B Securing ATMs in Guatemala
So, we are so proud that our client 5B, who runs ATM fleets for some of Latin America’s biggest banks, has agreed to a new case study to inform other banks and ATM operators about how to secure digital self-service devices against attack.
To learn more about how we helped 5B in securing their entire ATM network (more than 2,600 ATMs in Guatemala alone) click the link below:
The implementation of a cybersecurity strategy based on Auriga’s Lookwise Device Manager (LDM ) solution, through an appropriate set of protection technologies, made it possible to secure key devices without interrupting operations.
This operation made it possible to achieve 98.4% optimisation in the up time of the entire 5B ATM network and allowed 100% of the hard drives encrypted to maintain the integrity of software and hardware. The large, geographically dispersed ATM networks is continuously secured through a comprehensive cybersecurity solution. 5B runs 24/7 cybersecurity monitoring, which is crucial for the automated detection of suspicious activities and the implementation of premeditated response plans that include physical and remote verification.