Cyber security, COVID-19 and you

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The financial services sector is being increasingly targeted by cybercriminals, especially after the the coronavirus outbreak. Can anyone of us put our phones down for even a day? The clear answer is no. We are facing more and more destructive malware attacks due to an ever increasing dependency on artificial intelligence.

Cyberattacks are now going beyond just getting money or harassing people. On a larger scale, in the recent waves of cyberattacks, data is not merely being copied, but lost or altered, creating mistrust and chaos.

The disclosure of this vulnerability for the financial institutions came to be known due to the large scale data theft from a major United States financial institution. Indian financial institutions too are facing the same threats.

With the coronavirus threat refusing to subside, financial institutions have quickly moved to online platforms to keep on working in such circumstances. However, this is just an advantage for cybercriminals. They seamlessly have expanded their attack surface created by these financial institutions and the comprehensive funding programmes that are being given by governments all over the world to small businesses and people with the greatest need. Mobile banking networks such as EventBot and Cerberus are collectively responsible for stealing customer credentials for more than 200 financial institutions.

Hence, at the end of the day what matters is to keep yourself updated with the latest discoveries of the internet and actually read the terms and conditions of sites that you sign up in and keep location and other settings off for even your social media accounts.