financial markets cybersecurity

Security Brief: Protecting Financial Infrastructure From Cyber Threats

This post was last updated on August 5th, 2019 at 04:25 pm

Ransomware is Not the Greatest Threat to Enterprises Today.

While headlines and news coverage leave the impression that ransomware is the greatest threat to enterprises today, research has revealed that with annual attacks numbering 1.2 million, financial malware is 2.5 times as prevalent as ransomware. The recently released Symantec Internet Security Threat Report (ISTR) Financial Threats Review 2017 stated that 38% of all financial threat detections were against corporations, rather than customers. While these attacks are more difficult to execute, they yield a higher profit, which is why there were 1.2 million such attacks in 2016.

Attacks against financial institutions are on the rise, with the emergence of a select group of cybercriminals targeting financial institutions in a sophisticated manner. Incidents targeting banks have spread around the world, striking institutions in Ukraine, Poland, Bangladesh, Ecuador, U.K., and India, to name a few, with losses totaling hundreds of millions of dollars. These widespread events indicate that financial criminals see these networks as prime targets for attack.

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