Last Tower Solutions
Financial Technology Fact Sheet
Here are stories and statistics for Financial Institutions.
Data Exposed Includes:
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Full names
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Brokerage account numbers
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Brokerage portfolio values
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Brokerage portfolio holdings
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Stock trading activity for one trading day
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An inside threat caused this breach while managing processes included in their day-to-day tasks. Because permission escalation was not required, this incident would have been difficult to detect with conventional insider threat monitoring strategies.
Equifax Exposed
Business Logic Flaw at First American
More than 885 million financial and personal records linked to real estate transactions were exposed through a common website design error.
This error is known as a "Business Logic Flaw" on the FIrst American Financial Corp website. This is when a webpage link leading to sensitive information isn't protected by an authentication policy to verify user access.
Insider Threat at Block
More than 40% of the population of America was potentially impacted by the Equifax data breach. Four primary flaws that facilitated the security breach were:
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Poor Vulnerability Management
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Poor Network Segmentation
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Poor Password Handling
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Failure to renew certificates
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Due to this 40% of the American population was exposed!
Deceit at Experian
A threat actor claiming to be a representative for one of Experian's clients convinced a staff member of the Experian South African office to relinquish sensitive internal data.
According to the South African Banking Risk Information Center (SABRIC) - one of the authorities involved in investigations - 24 million customers and almost 800,000 businesses were impacted by the breach.
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We assist companies achieve their compliance with NIST, GDPR, PSD2, PCI DSS and others. Let Last Tower Solutions be part of your annual compliance goals to ensure secure transactions and protect personal and financial data for your customers.
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If you’d like more information about how we can help you, get in touch today.
Top Fin Tech Threats
Data Breaches
Data breaches in FinTech are highly dangerous due to the sensitivity of financial data. Hackers exploit security flaws to access user information, causing financial fraud, identity theft, and reputational harm.
Ransomware
Ransomware attacks encrypt data and require payment for decryption. Fintech companies may experience operational disruptions and data loss if they are targeted, as well as financial pain.
Phishing Attacks
Cybercriminals frequently employ phishing tactics to trick employees and customers into disclosing confidential information. These attacks can result in unauthorized access to accounts and data breaches.
Insider Threats
Employees or partners acting maliciously or negligently can cause major security breaches from within the organization. Internal security tests are required to address such concerns.
Take a Closer Look
11,000+
The risk of suffering a cyber attack and extreme losses has increased. Cyber Incidents involving financial institutions has grown from less than 1,000 incidents in 2004 to over 11,000 in 2023 and growing.
$12B
The financial sector has experienced over 20,000 cyberattacks in the last two decades, resulting in losses amounting to $12 billion.
$4.45 M
The global average cost of a data breach in 2023 was USD 4.45 million, a 15% increase over 3 years.