Addressing Current Challenges and Preparing for Emerging Threats ��A secure digital padlock on a financial background.

It is about the Blockchain

1. Cybersecurity in the banking and Finance Sector Addressing Current Challenges and Preparing for Emerging Threats A secure digital padlock on a financial background.

2. Introduction Financial systems increasingly face sophisticated cybersecurity threats. Sensitive data (customer info, transactions) is a high-value target. Key Threat: Ransomware Attacks entire ecosystems via supply chains. Rise of "Ransomware as a Service" (RaaS) complicates mitigation. Emerging Risks: AI phishing and quantum computing vulnerabilities.

3. Current Cybersecurity Measures Key Tools: Firewalls: Gatekeepers for network traffic. Encryption: Protects data in transit and at rest. Intrusion Detection Systems (IDS): Monitors and responds to threats. Multi-Factor Authentication (MFA): Adds a critical security layer. Proactive Monitoring: Regular security audits and software updates.

4. Vulnerabilities and Risks Social Engineering: Phishing attacks exploit human error. Still the most common attack vector. Third-Party Risks: Reliance on vendors increases exposure. Example: 2020 Capital One breach via misconfigured firewall.

5. Emerging Cybersecurity Threats AI-Powered Attacks: Advanced phishing schemes mimic legitimate communications. Quantum Computing: Risks to encryption protocols (e.g., RSA, ECC). Urgent need for quantum-resistant algorithms. Visuals: Matrix of emerging threats and their impacts.

6. Case Studies WannaCry Ransomware (2017): Exploited outdated systems. Caused widespread operational disruption. Equifax Data Breach (2017): Exposed 147M Americans' sensitive data. Highlighted the importance of timely patching.

7. Methodology and Results Methodology: Literature review and surveys of cybersecurity professionals. Case studies of significant incidents. Key Findings: Phishing and ransomware are the most common threats. Current measures effective but need improvement. Institutions unprepared for AI and quantum threats. Visuals: Data analysis chart or infographic.

8. Recommendations and Conclusion Recommendations: Enhance third-party risk management. Invest in quantum-resistant encryption. Strengthen cross-sector collaboration. Prioritize employee training. Conclusion: Cyber threats are dynamic; proactive measures are essential. Financial institutions must evolve with technological advancements.

9. Literature Review 1. ABA Banking Journal. (2024). Ransomware Threats in the Financial Sector. Retrieved from https://www.ababankingjournal.com 2. Boehme, R., & Schwartz, G. (2023). The Evolution of Financial Cybersecurity Regulations in Response to Ransomware Threats. Journal of Financial Regulation, 12(3), 201–220. 3. CISA. (2024). The State of Cybersecurity in Financial Services. Cybersecurity and Infrastructure Security Agency. Retrieved from https://www.cisa.gov 4. Cybersecurity and Financial System Resilience Report. (2024). U.S. Department of Homeland Security. Retrieved from https://www.dhs.gov 5. European Central Bank (ECB). (2023). Cyber Resilience Oversight Expectations for Financial Market Infrastructures. Retrieved from https://www.ecb.europa.eu

10. Literature Review 6. Gartner, Inc. (2024). Top Cybersecurity Trends in Banking 2024. Gartner Research. Retrieved from https://www.gartner.com 7. Gupta, A., & De, R. (2023). Quantum Computing and Financial Services: Preparing for the Future of Cryptography. IEEE Security & Privacy, 21(5), 45–52. 8. IMF. (2024). Risks and Opportunities in the Digital Economy. International Monetary Fund. Retrieved from https://www.imf.org 9. Jones, K., & Thompson, L. (2023). Addressing Third-Party Risk in Financial Services: A New Approach to Vendor Security. Journal of Financial Cybersecurity, 8(2), 138–150. 10. Kaspersky Lab. (2023). The Role of AI in Modern Phishing Attacks: A Financial Sector Perspective. Retrieved from https://www.kaspersky.com

11. Literature Review 11. National Institute of Standards and Technology (NIST). (2024). Cybersecurity Framework for Financial Services. Retrieved from https://www.nist.gov 12. Office of the Comptroller of the Currency (OCC). (2024). The Future of Cybersecurity in the Finance Sector: Quantum Computing and Cybersecurity Challenges. Retrieved from https://www.occ.gov 13. Payment Card Industry Data Security Standard (PCI DSS). (2024). PCI DSS Requirements and Best Practices for Credit Card Data Protection. Retrieved from https://www.pcisecuritystandards.org 14. Symantec Corporation. (2023). Financial Industry Threat Report 2023: From 14 Ransomware to Quantum Threats. Retrieved from https://www.symantec.com 15. Thales Group. (2024). Data Encryption in the Financial Sector: Trends, Challenges, and Solutions

12. End Thank You