5 Financial Cybersecurity Predictions for 2024

December 15th, 2023 | Myriad Advisor Solutions

As a leading provider of IT services, protection, and support for financial advisors, Myriad Advisor Solutions keeps a vigilant eye on the ever-evolving landscape of cybersecurity. As we prepare for 2024, it's crucial to be aware of the following potential threats:

Increased Sophistication of Ransomware Attacks: Ransomware attacks have been a persistent threat since the dawn of the internet, and cybercriminals will continue to evolve their tactics. In 2024, we anticipate a rise in the sophistication of ransomware attacks targeting financial institutions. This could involve more advanced encryption techniques, targeted campaigns, and larger ransom demands.

Focus on Quantum-Safe Cryptography: With the exciting potential advent of quantum computing, there is growing concern about the ability of advanced quantum computer systems to break traditional cryptographic algorithms. Keep an eye out for financial institutions adopting quantum-safe cryptographic measures to future-proof their systems and protect sensitive financial data.

Emergence of Deep-Fake AI-Driven Financial Fraud:As artificial intelligence (AI) and machine learning (ML) technologies become more sophisticated, cybercriminals may leverage deep-fake AI to orchestrate more targeted and convincing financial fraud schemes. This could involve the generation of realistic phishing emails, voice synthesis for impersonation attacks, and AI-driven social engineering tactics.

Heightened Supply Chain Security Concerns: The interconnected nature of the financial ecosystem involves numerous third-party vendors and partners that can unwittingly give cybercriminals access to financial institutions' networks. This may potentially result in data breaches, system compromises, or disruptions in financial services. When connecting with any third-party vendor for a business service, ensure to inquire about their cybersecurity protocols.

Regulatory Focus on Cybersecurity Compliance: Given the increasing frequency and severity of cyber threats, regulatory bodies are likely to intensify their focus on cybersecurity compliance in the financial sector. Financial institutions may face more stringent regulations and requirements to ensure the security of customer data and financial systems. As a managed service provider with a close relationship with organizations like Wells Fargo, Myriad will always keep you informed with the latest developments in the industry's regulatory space.

There’s no question - the cybersecurity landscape is dynamic, and new threats may emerge as technology advances. Staying informed through regular updates from cybersecurity experts, industry reports, and regulatory bodies will be crucial for financial institutions to adapt their cybersecurity professionals and invest in the latest security technologies to mitigate emerging threats. Is your firm ready to adapt? If the answer is anything but a confident ‘yes,’ call Myriad at 515.850.1221 or click here to shore up both your digital and physical security systems!