Ransomware Attacks the Financial Industry during COVID-19 and Beyond

What Financial Institutions Need to Know About Ransomware

The financial industry has been a main target for cyber crime and hackers since the dawn of the trend because of the nature of private information they secure. Most cyber crimes are driven by the desire to make money selling data on the black market, however, the finance sector has seen a swift uptick - a 2500% increase in fact - in another type of cyber crime that does not rely on data theft to be lucrative: Ransomware.

Ransomware is described as a type of malicious software designed to block access to a computer system until a sum of money is paid. It was deemed one of the biggest malware threats of 2019 and continues to grow in sophistication, disrupting business operations and individual property all over the world.

Billions of ransomware attempts look to gain access to financial sector data in the same common forms as other industries: email delivery and web browsing. This could include phishing schemes sent to employees or browsing infected links. Once an organization’s system becomes infected and taken over, files are encrypted and a ransom is demanded before they will be released.

While some attempts demand ransoms between a $150-$200 range to be paid within 24 hours, others (and those in more critical industries like finance), are hit with larger payout requests. Just last year, Ransomware “SamSam” crippled the city of Atlanta for days and cost taxpayers close to $17 million. Beyond the ransom payout, organizations are faced with extensive financial loss in other areas, damages to the brand and customer confidence, bad press and fines, legal defense and settlements, and the loss of productivity during downtime.

How to Prevent Ransomware Attacks to Your Organization

Ransomware is ever-evolving, but there are steps organizations can take to be better prepared to defend against an attack. Since nearly 90% of financial institutions have experienced a ransomware attack, there’s no better time to get ahead of hackers.

At Frontier Technologies, we design and deliver award-winning cybersecurity and IT innovation to help you securely manage and maintain mission-critical data. In a time filled with uncertainty and increased cyber crime, let us help you safeguard your data every step of the way.

Financial Institutions should contact us today for a 30 minute consultation.