The Covid-19 has given a boost to cyber attacks – .

The Covid-19 has given a boost to cyber attacks – .

This sharp increase in cyber attacks follows a rapid shift to remote working arrangements and the increased digitization of financial services, the FSB noted.

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.” .


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