In an era of rapid technological advancements, securing financial services has become more complex and vital than ever. Ed Amoroso, former CISO of AT&T and founder of industry analyst firm TAG Cyber, along with Yossi Appleboum, CEO of Sepio, have collaborated to share valuable research on the growing threat of hardware security risks within the financial sector.
Financial institutions, including banks and credit unions, have been increasingly targeted by cybercriminals using more sophisticated attack methods. These threats are not just limited to traditional cyberattacks like APTs or DDoS attacks. Amoroso and Appleboum’s new research highlights one of the most concerning and overlooked risks: rogue hardware devices.
While digital fraud and cyberattacks continue to escalate, rogue devices, physical pieces of hardware planted within financial institutions, are emerging as a serious concern. These devices can go undetected for years, granting attackers secret access to sensitive financial systems and data. This makes securing financial services against hardware-based attacks crucial to maintaining the integrity and trust that customers expect from these institutions.
The Rise of Rogue Devices in Financial Services
Fraud within the financial sector has escalated, and cybercriminals have evolved their tactics to exploit vulnerabilities in both digital and physical infrastructures. According to Amoroso and Appleboum, the traditional bank robber has been replaced by cybercriminals and electronic fraudsters who increasingly rely on hardware-based attacks. One of the most prevalent and damaging threats is the rogue hardware device.
How Rogue Devices Compromise Secure Financial Services
These rogue devices, often undetected for years, are a significant security risk. They can silently infiltrate financial institutions, providing attackers with covert access to sensitive data and critical systems. The presence of these devices can lead to substantial breaches, compromising customer trust and institutional integrity.
Key Questions Answered in the Research
In their research, Amoroso and Appleboum address several important questions, including:
- How are rogue hardware devices used to execute attacks?
- How can these devices remain hidden within financial institutions for years?
- Which other industries are vulnerable to hardware-based attacks?
Watch the full video to learn how to secure financial services against these emerging hardware security threats and safeguard your institution from potential breaches.
