Security News > 2022 > April > Financial leaders grappling with more aggressive and sophisticated attack methods

VMware released a report which takes the pulse of the financial industry's top CISOs and security leaders on the changing behavior of cybercriminal cartels and the defensive shift of the financial sector.

The report found that financial institutions are facing increased destructive attacks and falling victim to ransomware more than in years' past, as sophisticated cybercrime cartels evolve beyond wire transfer fraud to now target market strategies, take over brokerage accounts and island hop into banks.

The changing behavior of cybercriminal cartels and the defensive shift of the financial sector 60% of financial institutions experienced an increase in island hopping, a 58% increase from last year.

The increase represents a new era of conspiracy where hijacking the digital transformation of a financial institution via island hopping to attack its constituents has become the ultimate attack outcome.

Tom Kellermann, head of cybersecurity strategy, VMware: "Security has become top-of-mind for business leaders amid rising geopolitical tension, an increase in destructive attacks utilizing wipers and Remote Access Tools, and a record-breaking year of Zero Day exploits. Financial institutions now understand that today's attackers are moving from heist to hijack, from dwell to destruction, and leaving their mark on an extremely vulnerable sector. Collaboration between the cybersecurity community, government entities and the financial sector is paramount to combat these emerging, increasing threats."

"Jeremy Sheridan, former assistant director, the U.S. Secret Service:"The Secret Service, in its investigative capacity to protect the nation's financial payment systems and financial infrastructure, has seen an evolution and increase in complex cyber-enabled fraud.

News URL

https://www.helpnetsecurity.com/2022/04/21/cybercriminal-cartels-financial-sector/