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BizReport : Internet : February 02, 2021

Study: Cybercriminals targeting finance

Digital criminals are skipping the middle man and going straight to financial institutions in their latest escapades. According to new data out from Keeper Security between 2019 and 2020 attacks on financial institutions increased by 20%.

by Kristina Knight

Why the focus on institutions, which would have more security, than individuals? Because even though these hacks aren't as successful in number they are quite lucrative on a case by case basis. Keeper's experts say attacks on the financial sector are worth about 75% more than those on other types of businesses. On average, financial attacks net these fraudsters nearly $5 million per event while attacks on other types of businesses net about half ($2.7 million) as much.

"The financial services industry has taken a significant hit over the last year as the cost of disrupting normal operations skyrocketed by more than 150%. With the increase of remote work, we see more holes in organizations' security processes, especially as employees work from home around the world," said Keeper's CEO Darren Guccione. "Taking even the simplest precautionary steps can create a more secure environment, like using two-factor authentication and password management systems, and help mitigate even the most
brutal attacks to networks."

Other interesting findings from the report include:

• 64% of attacks on financial institutions are credential thefts
• 53% are general malware
• 43% are account takeover attacks

Another culprit on the increase in attacks: more and more employees are bringing their own devices to work or using personal devices at home to complete work. These devices are typically not as protected as devices given by the institution, and can leave open ways for these scammers to get into the organization to wreak havoc.

More data from Keeper's report can be accessed here.

Tags: cybercrime, cybercrime trends, fraud attacks, fraudulent advertising, Keeper Security

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