Cybercriminals are relentless, and banks sit at the top of their target list. Every transaction, customer account, and internal system presents an opportunity for attack. In 2024, 65 percent of financial organizations worldwide reported experiencing a ransomware attack. The cost of breaches is $6.08 million per incident, not just in stolen funds but in regulatory penalties, lost business, and damaged reputations.
Banks are not just financial institutions but digital fortresses. Yet, without the right security measures, cracks in the foundation can appear. With OTAVA’s S.E.C.U.R.E.™ Framework, we emphasize proactive defense, rapid recovery, and continuous evaluation. This combination ensures resilience against evolving cyber threats. With immutable backups, Disaster Recovery as a Service (DRaaS), and real-time security monitoring, financial institutions can safeguard their most valuable assets.
Let’s examine the threats banks face and the IT security services that make a real difference.
Banks operate in a high-risk digital environment where cyber threats are more sophisticated than ever. From phishing scams to large-scale DDoS attacks, financial institutions must defend against a range of evolving cyber risks.
Phishing remains the most insidious cyber threat to financial institutions. A whopping 90% of successful cyberattacks originate from phishing scams. Attackers craft emails that look eerily legitimate, tricking employees or customers into revealing credentials.
Besides external threats, insider attacks pose an equally significant risk, often catching organizations off guard. One of the most notorious cases involved Capital One, where a former AWS employee exploited a cloud vulnerability, exposing over 100 million customer records stored in a private S3 bucket.
The breach, which took place in 2018 but was discovered in 2019, revealed sensitive financial data, social security numbers, and bank account information, a catastrophic failure in securing cloud-based assets.
Financial organizations must integrate identity verification solutions like Multifactor Authentication (MFA) and advanced email security protocols to mitigate these risks.
Ransomware has become a financial weapon. How does ransomware work? Attackers infiltrate a network, encrypt vital files, and leave financial institutions with two devastating choices: pay the ransom or lose the data.
And in many cases, even paying doesn’t guarantee full recovery. Banks are particularly vulnerable because they operate on real-time transactions and customer trust, a deadly combination that makes them ideal targets.
Our Undo and Recover components in OTAVA’s S.E.C.U.R.E.™ Framework ensure that banks never have to pay a ransom. With immutable backups, air-gapped storage, and frequent failover testing, institutions can instantly restore systems and continue operations without disruption. No ransom. No data loss. Just uninterrupted service.
Distributed Denial of Service (DDoS) attacks are crippling the financial sector. Between March and June 2024, banks experienced a dramatic surge in DDoS attacks, peaking at 4,500 per day. These attacks overwhelm banking servers, making online banking services inaccessible.
Beyond the inconvenience, DDoS attacks often serve as distractions while attackers execute more severe breaches. Banks must deploy Web Application Firewalls (WAFs) and managed DDoS protection services to mitigate these disruptions. Proactive traffic monitoring and filtering solutions ensure uptime, even in the face of large-scale attacks.
Banks rely on APIs for customer transactions, third-party integrations, and backend operations. However, without proper API security controls, cybercriminals can exploit weak points to access internal systems.
Additionally, insider threats remain one of the most underestimated risks in banking cybersecurity. Employees or contractors with access to sensitive data can become entry points for attackers, either unintentionally or through deliberate actions.
Access controls, continuous monitoring, and behavioral analytics should be used to detect unusual activity before damage occurs.
As cyber threats escalate, banks must implement a multi-layered security strategy to protect customer data and prevent operational disruptions. The following IT security services are essential for mitigating risks in financial institutions:
Passwords alone aren’t enough. Multifactor Authentication (MFA) adds an extra layer of security, ensuring only authorized users can access critical banking systems. We integrate MFA within our Security as a Service (SECaaS) offering, reinforcing protection against unauthorized access.
A compromised device is a direct line to sensitive banking data. Endpoint security ensures that every employee device, including laptops, mobile phones, and workstations, remains protected. This includes real-time threat detection, intrusion prevention, and strict access policies.
Financial institutions must protect their digital storefronts. Web Application Firewalls (WAFs) prevent SQL injection, cross-site scripting (XSS), and other common cyberattacks that target banking websites and customer portals. Our managed WAF services provide automated protection, stopping threats before they reach critical systems.
Many banks assume they need expensive Security Information and Event Management (SIEM) solutions to stay protected. In reality, effective cybersecurity starts with better reporting. These include vulnerability scans, file integrity monitoring (FIM) reports, and email security alerts.
Diving into deep-end security solutions without understanding the fundamentals is a mistake. That’s why we take a layered defense-in-depth approach, ensuring that financial institutions scale their cybersecurity capabilities strategically.
Financial institutions must do more than just store backups. Backup & DRaaS strategies must include isolation, immutability, and automated recovery capabilities. Our S.E.C.U.R.E.™ “Undo and Recover” strategy ensures that backups remain untouchable by cybercriminals.
Security isn’t just about tools—it’s about a structured, integrated strategy. Compliance alone doesn’t equal security. A true cybersecurity partner provides a framework that balances both.
We’re more than a service provider—we’re a security strategy partner committed to safeguarding financial institutions from evolving threats.
Cybersecurity is never a one-time initiative—it requires continuous testing, monitoring, and adaptation. The Framework ensures that regional banks and credit unions continuously assess their security posture.
Every employee should know how to spot phishing attempts. Training programs shrink the attack surface by reducing human error, which is one of the biggest security risks.
Banks must continuously scan for weaknesses and patch vulnerabilities. This process aligns with our “Examine & Monitor” approach, ensuring security gaps are identified before attackers exploit them.
Traditional perimeter defenses no longer work. Zero Trust security models continuously verify every access request, ensuring strict access control and minimizing insider threats.
Having a recovery plan is just as important as preventing an attack. Our “Undo and Recover” strategy ensures financial institutions can bounce back swiftly, limiting downtime and data loss.
The financial sector is on the cusp of a cybersecurity revolution. Emerging technologies will play a pivotal role in strengthening digital defenses.
Banks must operate with zero tolerance for security gaps. Cyber threats are only growing more sophisticated, and a reactive approach is no longer an option.
With OTAVA’s managed cloud solutions, financial institutions can secure data, contain threats, and recover with minimal disruption. Whether implementing robust backups, deploying DRaaS, or evaluating security postures, our expertise ensures that banks stay ahead of evolving threats.
Let’s build a resilient, secure future for your bank. Contact us today to learn how OTAVA’s managed cloud solutions can transform your cybersecurity.
