New Cyber Threats to Challenge Financial Services Sector in 2024

PRESS RELEASE

RESTON, Va., March 27, 2024 /PRNewswire/ -- FS-ISAC, the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, today announced the findings of its annual Global Intelligence Office report, Navigating Cyber 2024.

The report details the increasing sophistication of adversarial tactics, techniques, and procedures leveraged by threat actors, such as social engineering, SEO poisoning, malvertising, and QR code phishing. It also focuses on the use of evolving technology by threat actors, as they look to leverage generative AI for increased scale and automation of attacks and effectiveness of lures, as well as to poison, manipulate, and exploit generative AI tools themselves.

"Each year, a new set of threats comes to light, requiring the financial services sector's mitigation strategies to advance at an equal if not faster pace than threat actors' tactics," said Steven Silberstein, CEO of FS-ISAC. "As we look ahead to a critical year marked by emerging technology and heightened geopolitical tensions, the best way to maintain the integrity, security, and trust of the sector is through global information sharing."

In addition to long-standing threat vectors, new threats are continuing to emerge that will have disruptive implications for the sector. These include:

"Threat actors will exploit vulnerabilities in critical infrastructure and will leverage any tool available to destroy trust in the security of our systems," said Teresa Walsh, Chief Intelligence Officer and Managing Director, EMEA, of FS-ISAC. "The financial services sector operates in a cyber landscape that is endlessly dynamic, as cybercrime and fraud converge, and emerging technologies create additional opportunities for exposure. In order to maintain trust in the sector, companies must prioritize proactive cyber hygiene to ensure operational resilience in the face of an attack."

Methodology

The Navigating Cyber 2024 report is sourced from FS-ISAC's thousands of member financial firms in 75 countries and further augmented by analysis by the Global Intelligence Office. Multiple streams of intelligence were leveraged for the curation of the round-up, which examined data from January 2023 to January 2024. The publicly accessible version of the report can be found here. The full report is only available to member financial institutions.

About FS-ISAC

FS-ISAC is the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, protecting the financial institutions and the people they serve. Founded in 1999, the organization's real-time information-sharing network amplifies the intelligence, knowledge, and practices of its members for the financial sector's collective security and defenses. Member financial firms represent $100 trillion in assets in 75 countries.