The financial sector has proven to be the most popular target for cybercriminals, accounting for 25.4% of pandemic-related cyber events, according to the FSB report.
The professional, scientific and technical services sector followed closely with 24.4%, while the general government sector followed behind at 15.6%.
According to a cybersecurity trends report from the FS-IAC Global Intelligence Office, the economic turmoil created by the pandemic has also helped “to make cybercrime an increasingly attractive alternative, especially in some high-concentration regions of the world. technically skilled workers with few career choices. “
Along with the pandemic, other factors have led to the recent increase in cyber attacks, the FS-IAC suggested.
These include the “continued merchandising of malware,” new ransomware tactics, and the increased reliance of financial industry companies on a small number of external vendors.
Looking ahead, FS-ISAC said it expects “third party risks and geopolitical tensions in particular to escalate as cybersecurity factors need to be addressed.”
The FSB noted that the industry’s growing dependence on a handful of external technology providers represents a potential weakness.
“While outsourcing to third-party providers, such as cloud services, appears to have improved the operational resilience of financial institutions, increased reliance on these services can lead to new challenges and vulnerabilities,” FSB said. . “Effective management of these risks throughout the supply chain is essential to mitigate operational and cyber risks.”
Additionally, the FS-ISAC suggested that the surge in cryptocurrency values ”may prompt threat actors to conduct campaigns capitalizing on this market, including extortion campaigns against financial institutions and their clients.” .