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:
- Cybercrime Atlas: International effort to disrupt cybercrime moves into operational phase
March 14, 2024
The Cybercrime Atlas, a massive undertaking that aims to disrupt cybercriminals across the globe, enters its operational phase in 2024, two years after organizers laid the groundwork at the RSA Conference.… Its members now include 20-plus law enforcement agencies, private-sector security companies and incident responders, financial institutions, NGOs, and academics. Over the past year, the investigations ...
- FBI Report Reveals Americans Lost Staggering $3.94 Billion to Crypto Investment Scams in 2023
March 9, 2024
The surge in cryptocurrency scams in 2023, as reported by the FBI, underscores the growing prevalence of digital currency in online crime. With losses reaching $3.94 billion, a 53% increase from the previous year, these scams represent a significant portion of overall investment frauds, which amounted to $4.57 billion. Cryptocurrency scams encompass a range of deceptive ...
- Jersey data breach leaks personal information
March 7, 2024
A data breach at Jersey’s Financial Services Commission has allowed access to non-public names and addresses. The organisation confirmed a “vulnerability” was detected in its Registry system on 23 January. It said the leak did not link any individuals to registered entities or roles held and that it had separately written to those whose names and addresses ...
- Italy privacy watchdog fines Unicredit $3.1 million for data breach
March 7, 2024
Italy’s data protection authority has fined UniCredit, the country’s second-largest bank, 2.8 million euros ($3.1 million) for a data breach case in 2018 affecting thousands of customers and former customers, it said on Thursday. The bank responded that it would appeal the decision to court, adding that no bank data had been compromised and the incident ...
- Insurance giant Fidelity hit by data breach
March 6, 2024
Sensitive information belonging to tens of thousands of Fidelity Investments Life Insurance customers was stolen, reportedly thanks to a supply chain attack that happened in 2023. The insurance giant has filed a data breach notification with the Maine attorney general’s office in which it stated that 28,268 of its customers had their private data leaked after ...
- Third-party breach leads to American Express customer data compromise
March 4, 2024
Payment card provider American Express Company is warning customers that their credit card details may have been exposed following a breach involving a third-party provider. The details were first revealed in a filing with the State of Massachusetts, with a form letter sent to affected customers stating that a third-party service provider “engaged by numerous merchants ...