Cybersecurity in financial services is a complex picture. 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. 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.
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. 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.
Destructive threats and ransomware attacks on banks are increasing
The stakes for cybersecurity are higher than ever at financial institutions, as threat actors are increasingly using more vicious tactics. 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.
63% 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.
At the same time, finance hasn't been spared from the rise in ransomware attacks, which have also become increasingly disruptive. Nearly 3 out of 4 respondents to the survey said t ..
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