Although generative AI offers financial companies remarkable business and cybersecurity utility, GenAI-related cyber threats in financial services are an ongoing concern, according to FS-ISAC.
Cybercriminals leverage AI to exfiltrate data
The current consensus within the cybersecurity community is that adversarial use is primarily about creating compelling metrics. Phishing large-scale decoys. That said, threat actors can use generative AI to write malware, and more experienced cybercriminals could exfiltrate information or inject tainted data into the large language models (LLMs) that train GenAI. Using corrupted products GénAI The results may expose financial institutions to serious legal, reputational or operational consequences.
Not all AI risks are malicious. The LLMs that train GenAI typically use huge data sets leveraging publicly available sources, which may contain privileged information (such as credit card numbers) or biased data. Using these results irresponsibly – or unethically – can cost financial companies the trust of regulators, consumers and investors.
“Each year, a new set of threats emerges, requiring that the financial services industry’s mitigation strategies advance at a pace equal to, if not faster than, the tactics of threat actors,” said Steven Silverstein, CEO of FS-ISAC. “As we look ahead to a critical year marked by emerging technologies and heightened geopolitical tensions, the best way to maintain the integrity, security and trust of the industry is through global information sharing. »
Threat actors should launch disinformation campaigns and DDoS attacks against critical infrastructure, capitalizing on ongoing geopolitical conflicts and a year of “super elections”, as five countries elections take place all over the world. DDoS attacks continue to grow in size, scope and sophistication, with 35% of all DDoS attacks targeting the financial services sector in 2023.
Threat actors will use legislation as a weapon in their ransomware campaigns
Threat actors have noted the implementation of key legislation in 2023 and are currently monitoring the implementation of global legislation. regulations in 2024 and 2025, adjusting their tactics accordingly. Cybercriminals could use new disclosure requirements as a weapon, pushing companies to respond to extortion demands before the required reporting deadline.
Recent advances in quantum computing and AI are expected to challenge established cryptographic algorithms. In response, the financial services industry needs to focus more on developing new encryption methods which can be quickly adopted without altering the system infrastructure.
Zero-day vulnerabilities in the supply chain continue to leave the industry unprotected as attacks on suppliers disrupt various industry systems, such as those in clearing, trading, payment and back-office operations.
In response, the industry should work closely with vendors to establish communication channels for incident response and strengthen vendors’ cybersecurity posture.
“Malicious actors will exploit vulnerabilities in critical infrastructure and leverage every available tool to destroy confidence in the security of our systems,” said Therese Walsh, Chief Intelligence Officer and Managing Director, EMEA, of FS-ISAC. “To maintain confidence in the sector, businesses must prioritize proactive cyber hygiene to ensure operational resilience in the face of an attack. »
