The contemporary bank heist has intensified to a captive condition over the past year. The novel goal of invaders is now to take over a commercial institution’s digital infrastructure and to control the organization against a bank’s citizens. As the world loosened to an anywhere labor force amongst the pandemic, we observed the invader strategy progress, flattering much more disparaging and refined than ever before. In the fourth annual Modern Bank Heists report, after the questioning of 126 CISOs, on behalf of some of the world’s major financial institutions, concerning their involvements with cybercrime movements. Given the natural surroundings of its business, the financial sector has time-honored vigorous security stances and scam anticipation practices. Yet, they are facing an attack of urbane cybercrime schemes. Assaults against financial institutions tripled more than the last year. This blunt reality can be accredited to the planned nature of cybercrime unions and the theatrical upsurge in sophisticated cyber-attacks. The objective of this year’s report was to recognize how transgressions should notify the financial sector’s shield.
Here’s an overview of some key findings: 1) from heist to hostage: 38%* of financial institutions experienced an upsurge in island vaulting, mounting a heist to a hostage state. Cybercrime cartels comprehends the interdependencies of the sector and identify that they can take over the digital revolution of the financial institution to attack their patrons. They use trademark faith and its often times that the trust that’s been fabricated up over hundreds of years is used against the bank’s citizens by commandeering its assets.
2) Augmented geopolitical tension and counter IR triggering destructive attacks: There’s been a 118% increase in destructive attacks as we see geopolitical tension play out in cyberspace. Russia, China and the U.S. subversive impersonated the utmost concern to financial institutions.
3) The digitization of insider trading: 51% of financial institutions went through the attacks directing their market tactics.
4) Cybercriminals launch Chronos attacks: 41% of financial institutions detected the operation of time stamps.
As the threat landscape evolves, so will the tactics, techniques and procedures of cybercrime cartels, as seen in the above findings. But how should the financial industry answer? To start, here are a few strategies for security teams: Conducting weekly danger stalking and regularizing it as a best practice to fuel threat intelligence. Assimilation of the network discovery and reaction with the end-point defense platforms. Apply “Just in time” management and lastly set up workload security.
The methods have transformed, and so must the financial sector’s security approach. Safety and soundness will only be maintained by authorizing the CISO. 2021 should be the year that CISOs report directly to the CEO and be given greater authority and resources. Bob Parisi, Head of Cyber Solutions – North America, Munich Re, echoed the importance of up leveling the role of the CISO as cyberattacks surge stated that the report findings on the increased level of disruptive attacks and island hopping makes it clear that financial institutions remain in the crosshairs.
As a consequence, cyber security must be observed as a functionality of business contrasted with an expenditure. Trust and confidence in the safety and reliability in the financial sector will depend mainly on this.