Whenever cybercriminals successfully target financial services (FinServ), we’re reminded all too well that money makes the world go round.
A fruitful attack can lock customers out of their bank accounts, expose sensitive data and fuel theft, fraud and a worrying distrust in financial institutions. The stakes are clearly high, and unfortunately attacks are still soaring. Between 2021 and 2024, the number of financial organizations worldwide reporting a ransomware attack doubled from 34% to 65%. Don’t think cyber insurance providers haven’t noticed. Premiums skyrocketed by an average of 30% in 2023, and businesses in high-risk sectors like FinServ saw premiums 50% higher than the market average.
Read more…
Source: Symantec
Sign up for our Newsletter
The latest news and insights delivered right to your inbox.
Related:
- Ukrainian intelligence cyberattack cripples telecom networks in Russian-occupied territories
July 2, 2024
Mirtelecom subscribers were unable to access the network in occupied Crimea and in occupied parts of Zaporizhzhya and Kherson oblasts. Another Russian provider, Farline, suffered significant damage, primarily in Crimea. Similar attacks continued the following month, targeting propaganda media servers, local occupation authorities, contact centers, registration and traffic control systems on the Kerch Bridge, critical airport ...
- Federal Reserve “breached” data may actually belong to Evolve Bank
June 26, 2024
A shockwave went through the financial world when ransomware group LockBit claimed to have breached the US Federal Reserve, the central banking system of the United States. On LockBit’s dark web leak site, the group threatened to release over 30 TB of banking information containing Americans’ banking data if a ransom wasn’t paid by June 25. ...
- LockBit hackers claim to have cracked the US Federal Reserve
June 25, 2024
The LockBit cybercrime gang has claimed to have stolen an enormous database from the US Federal Reserve, which includes sensitive banking information about American citizens – but the claim is being met with suspicion. Earlier this week, the infamous ransomware operator added the Fed on its data leak site, saying it had acquired an archive containing ...
- Fictitious Law Firms Targeting Cryptocurrency Scam Victims Offering to Recover Funds
June 24, 2024
The Federal Bureau of Investigation (FBI) is issuing this announcement to inform the public of an emerging criminal tactic used to further defraud cryptocurrency scam victims. This PSA is an update to Alert Number I-081123-PSA, published on 08/11/2023, titled, “Increase in Companies Falsely Claiming an Ability to Recover Funds Lost in Cryptocurrency Investment Scams.” Using social ...
- Cinterion EHS5 3G UMTS/HSPA Module Research
June 13, 2024
Modems play an important role in enabling connectivity for a wide range of devices. This includes not only traditional mobile devices and household appliances, but also telecommunication systems in vehicles, ATMs and Automated Process Control Systems (APCS). When integrating the modem, many product developers do not think of protecting their device from a potential modem compromise. ...
- Quebec: Police arrest three in connection with massive Desjardins data breach
June 12, 2024
Laval police say they arrested three suspects Wednesday in connection to a massive data breach at Desjardins Group made public in 2019. The data breach at the Quebec-based credit union is thought to be one of the largest ever among Canadian financial institutions, affecting roughly 4.2 million people and 173,000 businesses. The leaked information includes names, ...