In recent years, there has been a significant uptick in the frequency and sophistication of attacks on the financial and banking industry. The following statistics illustrate the current breadth and depth of cyber attacks by various types of threat actors on financial entities: Financial instit...
Ransomware-related cyber attack impact is best measured through the financial damage inflicted on institutions. The latest reports indicate that estimated ransomware costs for H1 2021 were $416 million. This tells us that there were more ransomware attacks in 2021 than in 2020 and that they inflicte...
The reason of organising such attacks is generally the desire of getting the profit and ransom for the recovery of the data or control over the company's computers. The attacks may be organised by both; a hacker or employees. Most of the criminals target financial companies because they ...
Financial gain: The main reason that people launch cyber attacks is for financial gain. Cyber attacks are typically cheap to create, build, and launch, but offer huge rewards. For example, the average cost of a data breach is a huge $3.86 million, according to a Ponemon Institute and IBM...
At that time, manufacturing only experienced about 8% of all cyberattacks, while in 2023, it accounted for more than 25%! Manufacturers in the Asia Pacific region are particularly affected by cyber threats. Banks and financial institutions Unsurprisingly, the banking and finance sector was one of...
2. Financial sector Institutions like banks and investment firms are also favorite places of cyberattacks for hackers, and why not, as it involves direct access to money and financial gain? Financial data, bank-related information, passwords, credit card/debit card numbers, SSNs, etc. are of ...
Cyber risk management is nothing new to financial-services companies, but the importance of a robust, comprehensive strategy has never been more critical and will only increase as institutions expand their technological footprint. Cyberattacks continue to increase,...
As we navigate the cybersecurity landscape in 2024, financial institutions must remain vigilant and proactive. Preventative and detective measures should be in place to mitigate the risk from cloud security vulnerabilities, APTs, insider threats, phishing scams, and ransomware attacks. The cybersecurity...
In a way, the DTCC is thinking the unthinkable as it advocates for a better coordinated, cross-industry defense against a major cyber-attack that could cripple financial markets. “Ultimately, the industry cannot rely on the low feasibility of cyber-attacks with systemic consequences,” according...
The increasing risk of cyberattacks on banks is a top concern for financial institutions and the government.