Ransomware attacks targeting financial sector tripled in last 12 months, says report

Rick Steves

“Many cybercriminals target small businesses in an attempt to gain access to larger organisations. As a result, it is essential for security providers to create products that are easy to use and implement, regardless of a company’s size.”

The Finance sector is one of the most targeted industries – making up 6% of the top 106 highly-publicized ransomware attacks since August 2021, according to research by cybersecurity company Barracuda.

The report added that ransomware attacks targeting finance organizations and institutions tripled when compared to the same period last year.

As detected threats spike to 1.2 million per month globally, cybersecurity increasingly becomes a critical factor for businesses across the world. The Finance sector inevitably is a favorite target for criminals, which puts the industry in a tougher position security-wise, but there are sectors that endure more attacks.

Barracuda researchers have found that the education (15 per cent), municipality (12 per cent), healthcare (12 per cent), infrastructure (8 per cent), and financial (6 per cent) sectors are the five most targeted by adversaries.

More ransomware attacks, but fewer ransoms paid

The analysis reveals that ransomware attacks on educational institutions more than doubled compared to the previous year, while attacks on the healthcare and financial verticals tripled, and infrastructure-related attacks quadrupled.

Despite the noted rise in the number of service providers – companies that provide IT services or other business services – impacted by ransomware during the last year, public data suggests that fewer victims paid the ransom, likely due to better defenses, especially in critical infrastructure.

Most ransomware attacks don’t make headlines as many victims choose not to disclose when they get hit and the attacks are often sophisticated and extremely hard to handle for small businesses, the firm added.

Fleming Shi, Chief Technology Officer at Barracuda, said: “As ransomware and other cyberthreats continue to evolve, the need for adequate security solutions has never been greater. Many cybercriminals target small businesses in an attempt to gain access to larger organisations. As a result, it is essential for security providers to create products that are easy to use and implement, regardless of a company’s size.

“Additionally, sophisticated security technologies should be available as services, so that businesses of all sizes can protect themselves against these ever-changing threats. By making security solutions more accessible and user-friendly, the entire industry can help to better defend against ransomware and other cyberattacks.”

Read this next

blockdag

BlockDAG’s $28.5M Presale Ignites Investor Frenzy! Dashboard Upgrade Unveils Top Rankings, Overshadowing Retik Finance Listings!

Learn how BlockDAG’s updated dashboard, featuring detailed community rankings, is diverting investor interest from Retik Finance’s anticipated market entries.

Digital Assets

Gala Games reportedly hacked for $200 million, token nosedives

The native token of crypto gaming project Gala Games (GALA) dropped sharply amid rumors of a massive transfer worth over $200 million that traders suspected might be a hack.

Digital Assets

Ether skyrockets amid rumors of spot ETF approval

The chances of the U.S. government approving spot Ether ETFs have increased, according to top Bloomberg ETF analysts. Initially viewed as unlikely, analysts James Seyffart and Eric Balchunas now see a 75% chance of approval, up from 25%, following recent developments.

Digital Assets

New York judge approves $2 billion settlement with Genesis

A New York bankruptcy judge has approved a $2 billion settlement between the New York State Attorney General’s office and crypto lender Genesis, marking the largest settlement against a crypto firm in the state’s history.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, ECB, Geopolitical Tensions, May 20 ,2024

Fed holding rates to fight inflation, ECB likely cuts June rates, geopolitical tensions favor safe-haven USD

Digital Assets

Grayscale CEO steps down, replaced by Goldman Sachs veteran

Grayscale CEO Michael Sonnenshein after 10 years with the digital asset investment firm, the company said on Monday.

blockdag

Influencers Fuel BlockDAG’s $28.4M Presale Amid Solana Price Surge & Kaspa Bull Run

Dive into BlockDAG’s presale success, boosted by influencer endorsements. Explore the Solana price surge and Kaspa’s bullish sentiments.

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 20 May, 2024

EURGBP currency pair can be expected to fall further toward the next support level 0.8525, which is the low of the previous corrective wave ii.

Digital Assets

Pump.fun exec arrested for $1.9 million exploit, claims bail in UK

Jarett Dunn, a former employee of the memecoin creator and trading platform pump.fun, claims he was arrested and subsequently released on bail in the United Kingdom following a $1.9 million exploit on the platform.

<