Security Brief: Protecting Financial Infrastructure From Cyber Threats

financial markets cybersecurity

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 was 1.2 million such attacks in 2016.

Attacks against financial institutions are on the rise, with the emergence of a select group of cyber criminals 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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