Summary Report | September 2022

Cyber Intelligence Insights

Australia and New Zealand Financial Services Sectors

TLP: WHITE

The CyberCX Intelligence Insights series presents focused, contextualised information intended to be read by senior decision makers. Prepared by the CyberCX Intelligence team, these reports present recent trends and future forecasts that will inform organisations’ cyber security posture and risk assessments.

This is a TLP:WHITE summary of the full report.

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KEY INSIGHTS

Financial services organisations are among the most cyber mature organisations in our region. Despite this, the sector’s threat level remains high.
Financial services organisations are attractive targets for criminals and nation-states due to their economic importance and large data holdings.
The sector is also in a period of disruption and transition. Over the next 12 months, global, criminal, technological, supply chain and organisational developments will continue to drive high levels of cyber risk for financial services organisations.
CyberCX Intelligence has identified 5 key risks to the A&NZ financial services sector in this financial year, based on likelihood and impact.

01. Extortion impacting confidentiality and availability of networks

02. Supply chain and third-party compromises

03. Global shocks caused by geopolitical or economic events

04. Well-researched scam activity

05. Exploitation of human vulnerabilities

We also identified 3 emerging risks – that is, high-impact and plausible risks that could increasingly affect the sector in the next 12 months.

01. Cryptocurrency integration

02. Financial disinformation

03. Large scale attacks with global impacts

Of these risks, the sector faces the highest threat from financially-motivated criminals.
- In the last 12 months, nearly 1 in 3 cyber extortion attacks in A&NZ affected the sector, its adjacencies or enablers.
- In the next 12 months, cyber criminals will continue to increase in capability, aggression and sophistication across cyber extortion, social engineering and scam activity.
Supply chain compromises are also increasingly likely for A&NZ financial services organisations and can cause cascading harm across the sector.
- Global events, including Indo-Pacific contest and the Russia-Ukraine war, are driving increased cyber risk for major infrastructure owners and operators in the region.
All organisations have agency. This Insights report provides recommendations grouped across 7 themes to help guide investment and future planning to build on the sector’s already high cyber maturity.

KEY FY21-22 SELECT INCIDENTS

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