theDocumentId => 1340850 74% of Financial Institutions See Spike in ...

Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

4/28/2021
03:46 PM
50%
50%

74% of Financial Institutions See Spike in COVID-Related Threats

Financial losses have also increased among organizations in the last year, with the average cost reaching $720,000.

Financial institutions are hit hard by COVID-related cybercrime, according to new research from BAE Systems Applied Intelligence.

The index surveyed 902 organizations in the financial services sector and found 74% of respondents have experienced a rise in cybercrime since the pandemic began, with 42% of banks and insurers saying the remote working model has made them less secure.

"We're noticing a clear collaboration emerging between different groups of criminals across the wider landscape of serious and organized crime," says Adrian Nish, Head of Cyber at BAE Systems Applied Intelligence, in a release. "Fraudsters and cybercriminals seek to exploit fear, uncertainty and change, and the pandemic has offered them new opportunities to probe for weaknesses they can monetize and new ways to disguise their activity."

Among the financial institutions that have experienced a rise in threats, 35% saw an increase in botnet attacks, ransomware and phishing attacks. Mobile malware was up 32% and COVID-related malware rose 30% in the sector.

The research also finds 56% of financial institutions have seen a rise in financial losses associated to fraud or cybercrime in last 12 months, with the average cost reaching $720,000 and rising.

A detailed breakdown of the research can be found here.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio
 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Edge-DRsplash-10-edge-articles
I Smell a RAT! New Cybersecurity Threats for the Crypto Industry
David Trepp, Partner, IT Assurance with accounting and advisory firm BPM LLP,  7/9/2021
News
Attacks on Kaseya Servers Led to Ransomware in Less Than 2 Hours
Robert Lemos, Contributing Writer,  7/7/2021
Commentary
It's in the Game (but It Shouldn't Be)
Tal Memran, Cybersecurity Expert, CYE,  7/9/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
The State of Cybersecurity Incident Response
In this report learn how enterprises are building their incident response teams and processes, how they research potential compromises, how they respond to new breaches, and what tools and processes they use to remediate problems and improve their cyber defenses for the future.
Flash Poll
How Enterprises are Developing Secure Applications
How Enterprises are Developing Secure Applications
Recent breaches of third-party apps are driving many organizations to think harder about the security of their off-the-shelf software as they continue to move left in secure software development practices.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2021-3159
PUBLISHED: 2021-07-23
A stored cross site scripting (XSS) vulnerability in the /sys/attachment/uploaderServlet component of Landray EKP V12.0.9.R.20160325 allows attackers to execute arbitrary web scripts or HTML via a crafted SVG, SHTML, or MHT file.
CVE-2021-25203
PUBLISHED: 2021-07-23
Arbitrary file upload vulnerability in Victor CMS v 1.0 allows attackers to execute arbitrary code via the file upload to \CMSsite-master\admin\includes\admin_add_post.php.
CVE-2021-25204
PUBLISHED: 2021-07-23
Cross-site scripting (XSS) vulnerability in SourceCodester E-Commerce Website v 1.0 allows remote attackers to inject arbitrary web script or HTM via the subject field to feedback_process.php.
CVE-2021-25206
PUBLISHED: 2021-07-23
Arbitrary file upload vulnerability in SourceCodester Responsive Ordering System v 1.0 allows attackers to execute arbitrary code via the file upload to Product_model.php.
CVE-2021-25208
PUBLISHED: 2021-07-23
Arbitrary file upload vulnerability in SourceCodester Travel Management System v 1.0 allows attackers to execute arbitrary code via the file upload to updatepackage.php.