Email Security Challenges in Financial Services

We will dive deeper into the security risks your organisation faces with emails and explore strategies that can be implemented to avoid these risks.

Banking trojans, phishing attacks, ransomware and push payment scams are serious security concerns for the finance industry. These risks are linked to either compromised email accounts or initiated by unsuspecting recipients.

According to the banking body UK Finance, in the first 6 months of 2019 around £210m was lost to scams that involved criminals hacking into email accounts, up 40% over 2018’s figure. Standard countermeasures such as anti-spam and anti-malware protections filter out some of these types of scam emails, but they are not fool-proof, especially against the most sophisticated attacks. These security measures are extremely difficult to enforce and manage as you have no control of your client’s mailbox and PC. Therefore, financial organisations should look to adopt a different strategy.