Security News > 2024 > March > AI abuse and misinformation campaigns threaten financial institutions

Though generative AI offers financial firms remarkable business and cybersecurity utility, cyberthreats relating to GenAI in financial services are a consistent concern, according to FS-ISAC. Cybercriminals exploit AI for data exfiltration.

That said, threat actors can use generative AI to write malware and more skilled cybercriminals could exfiltrate information from or inject contaminated data into the large language models that train GenAI. The use of corrupted GenAI outputs can expose financial institutions to severe legal, reputational, or operational consequences.

"Each year, a new set of threats comes to light, requiring the financial services sector's mitigation strategies to advance at an equal if not faster pace than threat actors' tactics," said Steven Silberstein, CEO of FS-ISAC. "As we look ahead to a critical year marked by emerging technology and heightened geopolitical tensions, the best way to maintain the integrity, security, and trust of the sector is through global information sharing."

Threat actors are expected to launch misinformation campaigns and DDoS attacks against critical infrastructure, capitalizing on ongoing geopolitical conflicts and a "Super election" year, as five national elections take place across the globe.

DDoS attacks are continuing to increase in size, scope, and sophistication, with 35% of all DDoS attacks targeting the financial services sector in 2023.

In response, the financial services sector must have an increased focus on developing new encryption methods that can be rapidly adopted without altering the bottom-line system infrastructure.

News URL

https://www.helpnetsecurity.com/2024/03/29/financial-firms-cyberthreats/