The New Era of IT Security Challenges 

The realm of IT security in finance is evolving fast. There’s a surge in bad actors targeting financial institutions, and these attacks – they are happening at a lightning speed! This urgency for rapid and focused threat intelligence is a big deal, especially highlighted in Article 13 of the Digital Operational Resilience Act. 

The number of threat actors has significantly increased in a short period. Our information gathering process has identified around 60 threat actors this year, whereas last year, the number was only 14. The growth is largely attributed to the increasing motive for financial gain in many cases now.  

Ransomware attacks are making the headlines, becoming a popular way for quick financial gains. Reports show these attacks used to take days or weeks from the initial penetration to activate, but now some are firing up in just 24 hours or even less. 

We have been diving deep into the analysis by conducting a comprehensive PESTEL assessment. From political tensions to economic instability, from technical advancements to environmental factors, it’s all under scrutiny. Geopolitical tensions, economic uncertainties, and the rapid use of AI in cyber-attacks are posing serious threats.  

Environmental factors, like power shortages and unpredictable weather patterns, add to the challenges. Plus, the EU is introducing a bunch of new regulations such as DORA, AI Act, and CER, which all are bringing cost implications and resource challenges. 

Amidst all this complexity, robust IT security is essential for safeguarding financial institutions. Proactive measures, investments in threat intelligence, leveraging AI for security, and staying compliant with new regulations are crucial steps in fortifying financial IT systems.