Cybercrime For Financial Services in Malaysia

cybercrime financial services

Now more than ever, cybercrime for financial services in Malaysia is a pressing issue. With the advent of the pandemic, there has been a significant surge in digital innovation and technological adoption, especially in the financial sector. People are no longer accessing and generating data purely from ATMs or banks but instead via online banking, e-commerce platforms and mobile applications.

However, cashless payments have made cybercrime for financial services a bigger cause for concern. Cybercriminals are now infiltrating and exploiting data to impersonate individuals, gain access to sensitive information, disable devices, and even sell our sensitive data to marketing agencies.

While attacks against the financial sector are more commonly targeted at bank customers, cybercriminals also after financial institutions by targeting their weak and vulnerable systems. Read on to discover how we can deal with cybercrime for financial services in Malaysia to prevent our data from falling into the hands of cybercriminals.

How Cybercriminals Attack Employees Working from Home

How Cybercriminals Attack Employees Working from Home

The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, has found that the increasing number of employees working from home is causing a rise in cyberattacks as well.

Working from home has propelled the adoption of new technologies and accelerated digitalisation. However, it also increased cybercrime in financial services, where workers at home were often targeted with phishing, malware and ransomware by cybercriminals.

The FSB also reported that greater reliance on virtual private networks and unsecured Wi-Fi access points created new challenges in safeguarding data and other cyber security issues, leaving IT departments struggling to secure remote workers.

Four Steps to Protect Your Data

Although cybercrime in the finance service seems to be an ever-increasing problem, there are some practical steps that can be taken to minimise a business’s vulnerability to attacks. The key is to focus on the preventative. Here are four steps businesses can enforce to protect their data from cybercriminals:

1. Leverage The Power of Cognitive Technologies

Improve your IT team’s or security analysts’ response to threats by using expert systems such as artificial intelligence to make sense of your data, strengthen authentication methods and reduce cyber risks.

2. Utilise Data Security and Privacy Measures

Satisfy mounting governance, risk and compliance requirements by implementing better data protection, access controls and monitoring.

3. Get Ahead of Threats by Preparing in Advance

Achieve better control over security incidents and breaches by incorporating security intelligence, incident response and remediation into a strategic playbook ahead of time.

4. Practice and Enforce Good Security Fundamentals

Back up data, educate users with cybersecurity programmes and stay on top of system and software updates.

Experts agree that businesses can stay one step ahead of cybercriminals in years to come by continually evolving protective technologies and solutions. For example, decreasing the cybersecurity skills gap, enforcing anticipatory measures, and adopting cloud services and AI will allow organisations to safeguard their financial services against cybercrime.

These tactics will also allow organisations time to develop countermeasures and responses to minimise any potential damage from unprecedented attacks.

Aegis Cloud Endpoint Backup (CEB)

Aegis is a trusted cloud service provider with a broad range of cloud backup and disaster recovery solutions. With our Aegis Cloud Endpoint Backup (CEB), the military-grade data protection solution for businesses, your data is automatically and silently backed up across all endpoint devices such as desktops and laptops.

With global deduplication, incremental restoration, secure protection and global location tracking, Aegis CEB is designed for the needs of businesses today.  Moreover, your information is protected from human error, malware and theft, especially if your business has a distributed workforce and practices remote working.

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