BDO’s Spring 2020 Cyber Threat Report: Focus on Financial Services Industry

With the rapid spread of the novel coronavirus (COVID-19) worldwide during the past few months, more than ever, people are working remotely or exercising “social distancing.” As a result of an increase in telecommuting via computers, mobile devices, and virtual interactions, cybercrimes conducted by nation-state cyber-attack groups, organized criminal cyber-attack groups and hacktivists have rapidly increased in both the number and the level of sophistication of socially engineered cyber-attacks.
 
While financial services organizations tend to have more resources to combat cybercrime than other industries, cyber-attack groups have considerable motivation to target these organizations because of the potential for high payouts. Ultimately, all financial services organizations are vulnerable to cyber-attacks, which could result in significant cyber fraud and/or major data breaches.
 
In BDO’s latest report, we explore what these threats mean for the financial services industry, specifically:

• Prominent Cyber Threats to the Global Financial Services Industry

• Global Financial Services Industry Key Cyber-Attacks

• Protecting the Financial Services Industry Through Threat-Based Cybersecurity