Fintech Cybersecurity Trends in 2021


When the pandemic struck, online bad actors took it as an opportunity to double-down on their attacks through ransomware, malware, and social engineering. Newly remote workers and remotely connected workplaces had to adapt rapidly to a greater digital threat as well as a public health crisis.

XDR: Next-Level Prevention and Detection

Security professionals are inundated with thousands of alerts per day generated by a growing number of cybersecurity tools. Investigating and connecting individual alerts to events often takes days. Seeing the proverbial forest for the trees is an ongoing struggle. And, once threats are discovered, the time required to understand the breadth of the attack and ultimately remediate the threat is now measured in months. IBM’s Cost of a Data Breach Report found the mean time to identify a malicious attack is 230 days; the mean time to contain the attack is 84 days. This is why breach incidents continue to increase, despite rising cybersecurity investments.

Hacking for Dollars: North Korean Cybercrime

In mid-February 2021, the Department of Justice shared the content of what had been a sealed indictment charging three North Korean (DPRK) hacking “operatives” with a plethora of cybercrimes, including “cyber heists and extortion schemes, targeting both traditional and cryptocurrencies.”

The Week in Breach News: 02/17/21 – 02/23/21

This Week in Breach News:

Kia hits a bump in the road with ransomware, Underwriters Laboratories didn’t check their cyber safety, Simon Fraser University is back for a cyberattack encore, enhance your password power and see how increased phishing risk means it’s time to increase cyber resilience for your clients.

Becoming resilient by understanding cybersecurity risks: Part 3—a security pro’s perspective

In part two of this blog series on aligning security with business objectives and risk, we explored the importance of thinking and acting holistically, using the example of human-operated ransomware, which threatens every organization in every industry. As we exited 2020, the Solorigate attack highlighted how attackers are continuously evolving. These nation-state threat actors used an organization’s software supply chain against them, with the attackers compromising legitimate software and applications with malware that installed into target organizations.