According to the Financial Services Information Sharing and Analysis Center (FS-ISAC), attacks on payment systems are the greatest cause of concern for Asian banks.

In addition to security concerns in regard to third party service providers and vulnerabilities within system technologies, FS-ISAC’s H1 2019 Asia Pacific CyberThreat Review reveals that anxiety persists in the region following attacks on several Bangladeshi banks earlier this year with concern spiking as a result of the possibility of assault in less experienced countries.

The review, put together with contributions from 7,000 global member institutions, highlights that financial institutions in the APAC region are also worried about reputational risk and in turn, the loss of consumer confidence in the industry as a whole, both having the potential to significantly impact economic situations.

Members of the FS-ISAC have also seen a rise in business email compromise attempts and cyberthreat agents are increasingly infiltrate organisations via email, invoice scams and spear phishing spoof attacks.

Following recent events such as the Wipro breach in India, ASUS Live Update attack in Taiwan and LandMark White in Australia, banks are also experiencing a rise in apprehension over the security of third-party service providers.

Brian Hansen, executive director, FS-ISAC APAC says that: “Threat actors have changed the way that they operate. We are seeing more time spent on preparation and reconnaissance prior to initiating attacks to ensure attacks are successful and against the best targets, be it a person or information system on a network. These actors are also increasing collaboration on the dark web, selling and seeking services that can be used against financial institutions.

“With these groups banding together, it is imperative for financial institutions in Asia to embrace information sharing. They must work with each other across national boundaries to protect themselves and, more importantly, the public they serve.”