![]() VMware's study found that 60% of security leaders in finance have seen an increase in island hopping attacks - 58% more than said the same last year. Now, threats in the software supply chain are becoming more apparent by the day. In the years since the Target breach, supply chain cybersecurity has become an even greater area of focus for security pros across industries, thanks to incidents like the SolarWinds breach and large-scale vulnerabilities like Log4Shell that reveal just how many interdependencies are out there. Hackers found an entry point to the company's data not through its own servers, but those of Fazio Mechanical Services, a third-party vendor. IT Pro describes island hopping attacks as "the process of undermining a company's cyber defenses by going after its vulnerable partner network, rather than launching a direct attack." The source points to the high-profile data breach that rocked big-box retailer Target in 2017. Like ransomware, island hopping is also on the rise - and while that might sound like something to do on a beach vacation, that's likely the last thing the phrase brings to mind for security pros at today's financial institutions. What's more, 63% of those ended up paying the ransom. Nearly 3 out of 4 respondents to the survey said they'd been hit by at least one ransomware attack. Banks have seen an uptick in destructive cyberattacks - those that delete data, damage hard drives, disrupt network connections, or otherwise leave a trail of digital wreckage in their wake.Ħ3% of financial institutions surveyed in the VMware report said they've seen an increase in these destructive attacks targeting their organization - that's 17% more than said the same in last year's version of the report.Īt the same time, finance hasn't been spared from the rise in ransomware attacks, which have also become increasingly disruptive. The stakes for cybersecurity are higher than ever at financial institutions, as threat actors are increasingly using more vicious tactics. Destructive threats and ransomware attacks on banks are increasing Here's a closer look at what CISOs and security leaders in finance said about the security challenges they're facing - and what they're doing to solve them. VMware recently released the 5th annual installment of their Modern Bank Heists report, and the results show a changing landscape for cybersecurity in banking and finance. ![]() To add to this picture, the overall cybersecurity landscape has rapidly transformed, with ransomware attacks picking up speed and high-profile vulnerabilities hitting the headlines at an alarming pace. Not only has a range of new tech hit the industry in the last 5 years, but compliance requirements introduce another layer of difficulty to the lives of infosec teams in this sector. Cybersecurity in financial services is a complex picture.
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