From the beginning of February to the end of April 2020, attacks targeting the financial sector have grown by 238%, according to the Modern Bank Heists report by VMware Carbon Black.
Ransomware attacks against this sector increased 9 times during the same period.
The report combines original VMware Carbon Black threat data analysis with annual survey results featuring responses from 25 leading financial institution CISOs.
Among the key findings from the report:
- 80% of surveyed financial institutions reported an increase in cyberattacks over the past 12 months, a 13% increase over 2019.
- 82% of surveyed financial institutions warned that cybercriminals have become more complex in the past 12 months.
- 64% of surveyed financial institutions reported increased attempts of wire fraud transfer over the past 12 months, a 17% increase over 2019.
- 33% of surveyed financial institutions said they’ve encountered an attack leveraging island hopping (an attack where supply chains and partners are commandeered to target the primary financial institution) over the past 12 months.
“Now, as we address COVID-19’s impact on a global scale, it’s clear attackers are putting financial institutions directly in their crosshairs, according to our data,” said Tom Kellermann, head of security strategy, Security Business Unit, VMware. In fact, 27% of all cyberattacks to date in 2020 have targeted either the healthcare sector or the financial sector, according to VMware Carbon Black data.