| Executives October 17, 2019


October 17, 2019

Protecting the financial services industry from phishing attacks

By Santosh Krishnan

The financial services industry has become a hot target for financially-motivated hackers over the years. In fact, it is the top target for phishing attacks, according to PhishLabs 2019 Phishing Trends and Intelligence Report. And, as users increasingly use mobile applications to conduct financial transactions, and financial institutions increasingly rely on mobile devices to conduct business, this industry won’t see attackers giving up anytime soon.

Moreover, as sensitive information continues to flow beyond the reach of traditional security perimeters, bad actors will continue to explore new avenues of attack outside of email, such as mobile messaging or social media apps. According to the 2019 Verizon Mobile Security Index, 85 percent of phishing attacks seen on mobile devices take place outside of email. In fact, just last month, law enforcement warned of a wave of phishing scams targeting Venmo users with text messages that directed them to a fake website, that then collected personal and banking information. 

Securing financial services: Lookout Phishing & Content Protection  

With stringent regulations in the financial services industry, such as GLBA and NYDFS regulation 23 NYCRR 500, the importance of endpoint security is only increasing. Lookout provides comprehensive and continuous assessment of risk across all devices to secure against phishing, app, device and network-based threats. By continuously monitoring the health of devices that are accessing corporate resources, Lookout safeguards personal information and is able to provide risk-based authentication, ensuring that companies stay compliant. 

Early detection of phishing attacks targeting any endpoint, mobile and otherwise, has become increasingly difficult as phishing attacks evolve beyond email. The post-perimeter world challenges firms to employ cybersecurity protections that safeguard both customer and corporate data while complying with industry regulations. Lookout Phishing and Content Protection is designed to keep financial services secure from phishing attacks in the mobile-first, cloud-first and perimeter-less world.

Register for our webinar Phishing is the biggest threat in today’s post-perimeter world - Financial Services, happening on October 23 at 10am PT. 


Author

Santosh Krishnan,
Chief Product Officer