Rapid rise in Cyberattacks targeting Banking sectors

Banking Blogs | IEMLabs

Day by day, banking sectors are becoming the prime targets of cybecriminals. In recent past, several incidents have been reported where banking sectors were the victims of phishing, data breach, ransomware attacks and other nefarious activities.

Recently, the Reserve Bank of New Zealand became the victim of a data breach owing to zero-day flaws in a legacy file sharing solution provided by Accellion. The database accessed by the attackers included dates of birth, personal email addresses and credit information of customers. The same flaws were exploited to target other organizations like the Australian Securities and Investments Commission (ASIC), the Office of the Washington State Auditor, and more.

Analysis shows that amid this pandemic stuck situation, online banking and shopping frauds have increased at a rapid pace. An unknown attacker offered the database of Ukraine’s largest commercial bank containing 40 million for sale on a hacking forum. The Hotarus Corp hacking group has stolen internal data by hacking Ecuador’s Ministry of Finance along with the country’s largest bank.

All these incidents simply indicate that even after arranging for proper security against cyberattacks, threat actors will discover new, advanced and innovative tactics in order to exploit the weak spots. Hence it is extremely necessary for the entire financial sector to take measures to enhance the security of money and data.

By Hrithik Lall

IEMLabs is an ISO 27001:2013 and ISO 9001:2015 certified company, we are also a proud member of EC Council, NASSCOM, Data Security Council of India (DSCI), Indian Chamber of Commerce (ICC), U.S. Chamber of Commerce, and Confederation of Indian Industry (CII). The company was established in 2016 with a vision in mind to provide Cyber Security to the digital world and make them Hack Proof. The question is why are we suddenly talking about Cyber Security and all this stuff? With the development of technology, more and more companies are shifting their business to Digital World which is resulting in the increase in Cyber Crimes.

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