Report on Global Financial Threats Against Banks or Institutions

///Report on Global Financial Threats Against Banks or Institutions

Symantec says financial threats are 2.5 times more relevant than ransomware, with more than 1.2 million detections per year worldwide.

Attention to ransomware-type attacks is on the rise. However, Symantec presented its annual report on financial threats in which financial malware is identified as more relevant than ransomware.

Main findings

Financial threats are more relevant than ransomware

While this second type of threat continues to have all the attention (especially in the recent case of WannaCry ransomware), financial threats are 2.5 times more relevant, with more than 1.2 million detections in the world.

Attacks on rising financial institutions

Since 2016, with the emergence of several sophisticated cybercrime groups following financial institutions, 38% of all detections of financial threats were directed to institutions rather than attacking consumers. This is because the benefit to cyber criminals is much greater.

Symantec saw a large increase in the detection of financial Trojans throughout Asia, with Japan, China, India, the Philippines and Vietnam gaining prominence in the top 10 list. This shows that the attackers are expanding into new markets of less saturated and less protected regions.

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By |2017-07-07T14:35:55+00:00July 7th, 2017|Data Security, Technology|1 Comment

One Comment

  1. Daniel Ogeto Omwancha November 5, 2017 at 3:21 pm - Reply

    We are digital technology natives, and with each passing day we put more of our lives online. We no longer stand and wait in lines; we connect to the Web for instant gratification. Convenient? You bet, but the move to the digital realm has also made us all targets for cybercriminals. As society operates more and more online, and there is an increased skill development in the use of technology, traditional brick-and-mortar establishments have to do the same, and none more so than banks. People want everything at their fingertips, but especially their hard-earned cash. Thus many innovative startups have developed ways to satisfy this need through financial Apps that aid financial transactions online. Financial threats are still profitable for cyber criminals and therefore continue to be an enduring part of the threat landscape. From financial Trojans that attack online banking, to attacks against ATMs and fraudulent interbank transactions, there are many different attack vectors utilized by criminals. Financial gain is still one of the major motivations behind most cybercriminal activities and there is little chance of this changing in the near future. In order to maximize their profits and increase the value per transaction many attackers have started to target corporate accounts that often have higher funds at their disposal. Besides attacking the corporate branch of online banking services, the attackers go after the corporate clients directly. With so called business email comprise (BEC) scams, sometimes also referred to as whaling, the attackers try to infiltrate high ranking employees at the target company. There are two variants of this type of attack: with and without the help of malware. Today’s incidents, yesterday’s strategies – As the digital channel in financial services continues to evolve, cybersecurity has become a business risk, rather than simply a technical risk. Therefore, more needs to be done around the cybersecurity career development to meet this threats.

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