The collapse of Silicon Valley Bank (SVB) is one of the greatest collapses since the great depression, coming years to the day after Bear Sterns’ collapse in 2008. Despite the government stepping in to insure deposits, the fall of SVB bank will result in a rush of organizations moving to other banking institutions to preserve their assets, even some that did not use SVB. Companies and individuals will look for institutions that deliver the lowest possible risk for their assets.
Cybercriminals will seize this opportunity to conduct a wide range of cyberattacks against organizations, hoping to capitalize on the fear surrounding the collapse of SVB. These attacks will range from phishing to direct impersonation of legitimate banking institutions hoping to get their hands on corporate assets. This article will prepare you for the coming onslaught by reviewing the different attacks utilized by cybercriminals attempting to scam your staff.
Fear is the Mindkiller
It’s not just a quote from an often remade science fiction movie. It’s a fact. Fear is the biggest danger organizations face. Staff at companies using SVB are afraid. Their world is in turmoil because this collapse has interfered with payrolls, invoicing, and vendor payments. Every aspect of businesses has been affected. Frustration is high, and that’s where risk thrives. Even organizations that were not members of SVB are afraid. How can they be sure their bank won’t become the next to fail?
Fear impacts decision-making, altering how people assess risks and amplifying normal risks. Common threats are being classified as excessively dangerous while overloo ..
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