Karshi branch of tashkent university of information technologies named after mukhammad al-khorezmi

1.2 Types of cyberattacks that occur in banking systems 
Nowadays, information technologies are developing and they making every aspects 
of our lives more comfortable. But, at the same time, a number of cybercrimes are 
increasing dramatically. According to VMware, the first half of 2020 saw a 238% 
increase in cyberattacks targeting financial sectors. And according to IBM and the 
Ponemon Institute, the average cost of a data breach in the financial institution in 2021 
is $5.72 million. 
Based on these statistics, if you're in the financial services sector, there's a very high 
chance that you'll finally fall victim to a very costly cyberattack. 
Prevailing against such overwhelming odds requires a cybersecurity strategy that 
addresses the specific cyber threats in the financial industry. 
This post outlines the top 6 cyber threats to financial services and suggested security 
controls for mitigating each of them.[2] 
1. Phishing 
Phishing, a variant of social engineering, is a method of tricking users into divulging 
login credentials to gain access to an internal network. 

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The most common form of phishing is email phishing, where an email posing as 
legitimate communication is sent to victims. 
Interacting with any of the infected links or attachments in phishing emails could 
initiate the installation of malware on the target computer system, or load a counterfeit 
web page that harvests login credentials. 
To the unsuspecting recipient, these scam emails seem very convincing, mainly 
when they're presented with a sense of urgency. 
Some phishing attacks are reply messages to an existing email thread - a tactic 
known as email conversation thread hijacking. 
Because phishing emails are getting harder to recognize, they're one of the 
most famous attack vectors for cybercrime. 
It's estimated that over 90% of all successful cyberattacks start with a phishing 
attack and this unfortunate conversion rate is tearing up the financial industry.[2] 
Phishing Attack Statistics in the Financial Industry 
In just the first six months of 2021, phishing attacks in the financial sector increased 
by 22% since the same period in 2020. Attacks targeting financial applications increased 
by 38% for the same comparative period. 
Finance was the most targeted sector for phishing attacks in Q1 of 2021 

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The Anti-Phishing Working Group (APWG) reported that phishing attacks were most 
widespread 
among 
financial 
institutions 
in 
Q1 
of 
2021.
Picture 1.3. Most-targeted Industries By phishing attacks, IQ 2021 
Almost half of all phishing attacks in 2019 occurred in the finance sector 
According to Akamai's 2019 State of the Internet report, nearly 50% of observed 
phishing attacks were linked to the financial services sector. 
These concerning trends categorize phishing as one of the greatest cybersecurity 
threats in the financial industry.