Financial institutions are one of the favorite targets of cyberattacks, as they often include direct monetary benefits, besides other motives such as ransom extortion, theft of sensitive information, or other frauds. Moreover, the sector is targeted by nation-states as well, for political and ideological leverage.
Attacks by renowned actors
- CNA, a U.S-based insurance giant, was targeted by Phoenix CryptoLocker ransomware, possibly linked to the Evil Corp hacking group.
- Black Shadow, a group of hackers, breached the servers of K.L.S. Capital Ltd. in Israel.
- The Flagstar Bank and Trillium Community Health Plan members recently revealed that they were impacted by the infamous Accellion attack by CLOP threat actors.
- In addition, the Sodinokibi ransomware gang claimed to have compromised a U.S.-based insurance firm.
- A Microsoft 365 spoofing campaign targeted financial departments by avoiding native email security defenses.
- Pan-American Life Insurance Group disclosed information regarding data security incidents.
- A South African financial services provider, PPS, had fallen victim to a malicious cyber-attack.
Most of these attacks were observed in the U.S.-based financial institutions, while other impacted regions include Western Asia, Central, and Western Europe. Phishing is still a major infection vector.
The financial sector has always been a lucrative target for cybercriminals and it faces a constant barrage of attacks. Therefore, financial institutions must proactively strategize to bolster their defense in accordance with the current threat landscape. Additionally, it is important that all customers adhere to safety rules as well.