Posted on November 26, 2019 at 6:15 PM

Hackers Now Focusing on Financials’ Major Assets

History tells us that the reason why Willie Sutton decided to rob the banks was that that was where the money was located. That was according to the man himself. This is the same thing that has been observed in the modern world with hackers. But there is a difference between the two.

Unlike what obtains with the conventional banks where there is just one item that has value, other stakeholders who attack the systems get to use several options. And that there are already interlocking systems or networks that are already in place, it becomes easy and relatively easy to break into a financial venture like a bank.

Differences in Mode

And unlike what was seen in the days of Sutton where thieves just needed a few weapons to break in, it is not the same thing today. What obtains today is that the bad guys have several options to select from when it comes to executing their devilish plans. They have more variety of weapons to choose from when the time for action comes.

What is a challenge for the organizations and financial institutions has to do with if the defensive measures that they put in place can neutralize the weapons that the bad guys are trying to use. It has been observed of late that there is a widening space in how banks are making use of defensive strategies and also how the hackers are choosing to launch their attacks.

This is probably the reason for the massive spike in attacks against such financial institutions over the past 12 months. This was made clear in a report from Malwarebytes. What was detected in terms of ransomware had a spectacular rise from 365% in the second quarter of 2018 to the second quarter of this year. That is a very noticeable difference by any means.

Increased Sophistication

It is now more than glaring that hackers are becoming more advanced with every attack. The malware that they are making use of is becoming more devastating and potent day by day. As if that is not enough, they are also coming up with even more lethal ways to get their deliveries done.

The banks too are not just sitting and folding their hands. Some are being proactive and for this, they are doing everything possible to defend themselves. They are also working on constant reevaluation of their techniques and the methods they are employing.

Conventional financial institutions like banks are aware of this and they are making the right moves to ensure that they are not vulnerable at any time. The government agencies are also in the know on this and they are also assisting out in their own respective ways.

For example, they are putting the necessary framework and structures in place to ensure that these protective measures that banks are using are most effective. These regulatory agencies and bodies often swing into action as collaborators after taking time to study all events and the figures at the disposal of all the relevant stakeholders.