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Executive Summary
The financial services sector is at the forefront of technological innovation, yet it remains a prime target for cyber threats. As we move into 2024, the landscape is increasingly shaped by the integration of artificial intelligence (AI) and other advanced technologies. This report, based on insights from KPMG's article "Cybersecurity considerations 2024: Financial services sector" (https://kpmg.com/xx/en/our-insights/ai-and-technology/cybersecurity-considerations-2024-financial-services-sector.html), explores the critical cybersecurity challenges and the exploitation of vulnerabilities by Advanced Persistent Threat (APT) groups. It provides a comprehensive analysis of the tactics, techniques, and procedures (TTPs) employed by these threat actors and offers strategic recommendations for enhancing security resilience.
Technical Information
The financial services sector is increasingly leveraging AI and machine learning to enhance customer experience and streamline operations. However, this technological advancement also introduces new vulnerabilities. The KPMG article highlights the importance of regulatory compliance, automation in security, and identity management as key areas of concern. While specific Common Vulnerabilities and Exposures (CVEs) were not directly mentioned, the sector must remain vigilant against potential threats. For instance, vulnerabilities in cloud-based systems and identity management, represented by CVE-2023-XXXX, underscore the need for proactive vulnerability management. The integration of AI in financial services can lead to sophisticated cyber-attacks, where threat actors exploit machine learning algorithms to manipulate data or bypass security measures. The sector must also address the challenges of securing vast amounts of data generated by AI systems, ensuring that data privacy and integrity are maintained.
Exploitation in the Wild
In the wild, threat actors are increasingly targeting the financial services sector due to its lucrative nature. APT groups such as APT28 (Fancy Bear) and APT38 (Lazarus Group) are known for their sophisticated attacks on financial institutions. APT28, for example, employs advanced phishing campaigns and exploits vulnerabilities in cloud services to gain unauthorized access to sensitive data. APT38, on the other hand, focuses on financial gain by exploiting vulnerabilities in banking systems to conduct fraudulent transactions. These groups utilize a range of TTPs, including exploiting public-facing applications and cloud services for initial access, using brute force and credential dumping techniques for credential access, and exfiltrating sensitive financial data through encrypted channels to evade detection.
APT Groups using this vulnerability
The financial services sector is a prime target for APT groups due to the sensitive nature of financial data. APT28 (Fancy Bear) and APT38 (Lazarus Group) are two prominent groups known to exploit vulnerabilities in this sector. APT28 targets financial institutions with sophisticated phishing campaigns and exploits vulnerabilities in cloud services, while APT38 focuses on financial gain by exploiting vulnerabilities in banking systems to conduct fraudulent transactions. These groups are known for their persistence and ability to adapt their tactics to bypass security measures.
Affected Product Versions
While specific product versions were not detailed in the KPMG article, the vulnerabilities discussed are relevant to cloud-based systems and identity management solutions widely used in the financial services sector. Organizations must ensure that their systems are regularly updated and patched to address known vulnerabilities, particularly those related to cloud services and identity management.
Workaround and Mitigation
To mitigate the risks associated with these vulnerabilities, financial services institutions should implement a multi-faceted approach. Enhanced vulnerability management is crucial, with regular updates and patches to address known vulnerabilities, particularly in cloud-based services. Robust identity and access management (IAM) solutions, including multi-factor authentication (MFA) and biometric verification, should be implemented to protect against unauthorized access. Additionally, developing automated incident response protocols can help quickly detect and mitigate security incidents, reducing the impact of breaches. Organizations should also invest in employee training to raise awareness of phishing attacks and other social engineering tactics used by threat actors.
References
- KPMG Article: Cybersecurity considerations 2024: Financial services sector (https://kpmg.com/xx/en/our-insights/ai-and-technology/cybersecurity-considerations-2024-financial-services-sector.html)
- MITRE ATT&CK Framework: Tactics, Techniques, and Procedures (https://attack.mitre.org/)
- APT28 and APT38 Profiles: APT28 (https://attack.mitre.org/groups/G0007/), APT38 (https://attack.mitre.org/groups/G0082/)
Rescana is here for you
At Rescana, we understand the complexities of the cybersecurity landscape and are committed to helping our clients navigate these challenges. Our Continuous Threat and Exposure Management (CTEM) platform provides comprehensive solutions to identify, assess, and mitigate vulnerabilities, ensuring that your organization remains resilient against evolving threats. We are here to support you in enhancing your security posture and safeguarding your operations. If you have any questions about this report or any other cybersecurity concerns, please do not hesitate to contact us at ops@rescana.com.
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