Cyber criminals to target financial industry in 2020 – Kaspersky

A man types on a computer keyboard in front of the displayed cyber code. Cyber criminals are expected to target the financial industry – particularly financial technology such as mobile investment applications – in 2020, Russian cybersecurity firm Kaspersky said. REUTERS
A man types on a computer keyboard in front of the displayed cyber code. Cyber criminals are expected to target the financial industry – particularly financial technology such as mobile investment applications – in 2020, Russian cybersecurity firm Kaspersky said. REUTERS

CYBER criminals are expected to target the financial industry – particularly financial technology such as mobile investment applications – in 2020, Russian cybersecurity firm Kaspersky said Thursday.

In a statement, Kaspersky security researcher Yury Namestnikov said security teams should step up to boost security in the finance industry.

“With 2020 on the horizon, we recommend security teams in potentially affected areas of the finance industry to gear up for new challenges,” he said.

“There is nothing inevitable in potential upcoming threats, it is just important to be properly prepared for them,” Namestnikov added.

Fintech will most likely be under attack next year, as mobile investment applications have gained popularity across the globe, according to Kaspersky, noting that not all of these are using best security practices such as multi-factor authentication or protection of application connection.

Kaspersky’s research and monitoring suggest that the source code of some popular mobile banking Trojans was leaked into the public domain.

It expects an increase in activity of groups that are specialized in criminal-to-criminal sale of network access to banks in the African and Asian regions, as well as in Eastern Europe.

“This year has been one of many important developments. Just as we predicted at the end of 2018, it has seen the emergence of new cybercriminal groups, like CopyPaste, new geography of attacks by Silence group, cybercriminals shifting their focus onto data that helps to bypass antifraud systems in their attacks,” said Namestnikov.

“Behavioral and biometrics data is on sale in the underground market. Additionally, we expected JS-skimmer base attacks to increase and they did,” he added. (GMA News)

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