May 27, 2022

It is a common news that the pandemic has resulted in a shift from the offline work to working remotely from home. This has immensely changed the way we function. Moreover, this shift caused an increase in the attacks. BAE Systems Applied Intelligence analysed the way this changed has affected the financial sector.

Some Statistics-

  1. Cyber attacks were faced by banks and insurers in botnets, phishing, and attacks involving ransomware. The attacks were increased by almost 5 percent. 
  2. Criminal activity online has itself caused a financial loss amounting to $720,000.
  3. 86% of the insurers and banks believes that this online mode of working has diminished the security of the firms. 44% of them complained about the lack of visibility of the networks.

The trends that are observed-

  1. There has been a wave of cyber crime on the financial institutions globally. The most common initial vector is phishing. 
  2. The scam emails that were based on the theme of COVID-19 could not reach the expected height.
  3. Many organizations were forced to cut off their budget on cyber security due to lack of availability of funds.

Some recent attacks on these services-

  1.  JPMorgan Chase Bank customers faced two phishing attacks. Brand impersonating and social engineering were the main tools that were executed in this attack.
  2. Scam text messages were sent to Lloyd bank customer which inform them about new payment schedule. This time, the main target of this attack are the Britons.
  3. Corporate in Brazil were targeted by Janeleiro banking trojan. They also attacked the healthcare, retail, and manufacturing sectors as well.

Conclusion-

Cybersecurity is a mainly issue caused by human, whereas technology is a mere platform and tools for making the attack. There has been considerable improvement in the cyber security model over the years, still there a lot more scope of improvement.

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