Common Threats Targeting Financial Institutions:

1. Ransomware Attacks: There's been a surge in ransomware attacks targeting financial

entities globally. Attackers encrypt critical data and demand ransom payments for
decryption keys, causing operational disruptions.

2. Phishing and Social Engineering: Cybercriminals often use deceptive emails, messages, or
phone calls to trick employees into revealing sensitive information or providing access
credentials.

3. Insider Threats: Malicious or negligent actions by employees or contractors within the

institution can compromise data security intentionally or inadvertently.

4. Advanced Persistent Threats (APTs): Sophisticated, targeted attacks by well-funded and

determined adversaries seeking long-term access to financial systems for espionage, data
theft, or disruption.

5. Supply Chain Attacks: Hackers exploit vulnerabilities within third-party software or services
used by financial institutions to gain unauthorized access or compromise systems.

Contextualizing Threats for FlexTech's Partnership:

1. Increased Targeting: Major financial institutions, like the Ethiopian bank in
partnership with FlexTech, are prime targets due to their prominence, holding
substantial financial data and critical infrastructure.

2. Regulatory Compliance Demands: The banking sector typically has stringent

regulatory requirements, which cyber attackers might exploit through non-compliance
or vulnerabilities in the pursuit of sensitive data.

3. Potential Impact on Reputation: Security breaches can significantly damage the

reputation and trust of both FlexTech and the partnered bank, affecting their business
continuity and relationships with other clients.

4. Heightened Sophistication of Attacks: The partnership might attract more

sophisticated attacks due to the perceived higher value of the data involved.