Guest Commentary By Katie Horvath, Aunalytics Inc.
Cyberattacks: What You Need
to Know and Do to Twart Treats
No. 1 as the most cyberattacked industry. Even so, in 2020, attacks against banks and other financial institutions climbed an incredible 238%, followed by a further impressive 118% increase in 2021. Cyber criminals continue to double down efforts to breach financial data, compromise accounts and profit from this industry with increasingly sophisticated attacks and campaigns.
Te most common types of attacks hitting the banking sector in 2020 and 2021 were server attacks, data theſt and ransomware cases. In the annual Modern Bank Heists 4.0 survey: • 57% of surveyed financial institutions revealed an increase in wire transfer fraud
• 54% had experienced destructive attacks • 41% had suffered brokerage account takeovers
• 51% experienced attacks on target market strategy data • 38% suffered attacks originating from hackers accessing trusted supply chain partners to gain entry into the bank
• 41% had become victim to manipulated timestamps resulting in fund theſt
EMPLOYEES CAN BECOME INNOCENT DOOR OPENERS Cyberattacks most oſten include a human element, where employees, contractors or even customers are unwittingly complicit in incidents. For example, employees may open a phishing email that installs viruses on the bank’s network. Once the click is executed, action is out of the hands of the innocent employee and oſten without his or her knowledge.
Security training can help minimize human error. Combining employee training on attacks (performed quarterly as attack
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