The quest for quick wins and devastating attacks to force the payment of a ransom has turned the financial sector into one of the prime targets for cyber hijackers. The damage from such a scam, however, doesn’t stop with disrupting operations and paying ransoms, with research showing that, on average, $2 million is spent on data and systems recovery efforts for companies in the industry.
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The data is from Sophos, a company specialized in cybersecurity, and shows several contrasts. At the same time that the financial sector is one of the hardest hit, with 32% of companies claiming to have been victims of attacks only this year, this is also one of the most resilient sectors, with only % of victims actually paying the ransom, in the second lowest rate of its type and well below the global average for this item, which is 32%.
On the other hand, there is also significant effectiveness in the success of ransomware attacks against the financial sector, with 47% of companies interviewed by Sophos claiming that criminals effectively managed to block the data. Of these, 51% were able to restore files and systems from backups, which explains the lower rate of payments, but also the higher costs recovery. The global average of these efforts, according to the study, is US$1.2021 million.
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Every day a summary of the main news in the tech world for you! “Strict guidelines in the financial services industry encourage strong defenses. Unfortunately, they also mean that a direct hit with ransomware is likely to be very expensive,” explains John Shier, senior security consultant at Sophos. He cites that factors such as regulatory fines, rebuilding IT systems and damage to brand reputation, which also requires rebuilding particularly in the event of a customer data leak, are also helping the recovery total to reach the heights.
Offensive on the horizon 2021
Every day a summary of the main news in the tech world for you!
“Strict guidelines in the financial services industry encourage strong defenses. Unfortunately, they also mean that a direct hit with ransomware is likely to be very expensive,” explains John Shier, senior security consultant at Sophos. He cites that factors such as regulatory fines, rebuilding IT systems and damage to brand reputation, which also requires rebuilding particularly in the event of a customer data leak, are also helping the recovery total to reach the heights.
However, it’s not as if it existed some other option for the financial sector, which should remain one of the most targeted in the world for cybercriminals. Investment in backups and recovery efforts, in the same measure, should also follow as a priority. “The sector has a lot at stake for not defining a defensive plan in depth to protect, detect and block attacks”, completes Shier.
One of the central routes indicated by the specialist is the combination of technologies anti-ransomware with human-operated threat monitoring systems capable of detecting when something is going wrong on the network. In his view, investments help to minimize the impact and, consequently, also the damage to reputation and financial losses arising from an attack in this category.
It is a way, he points out, to preparing for a situation seems inescapable. 32% of companies that participated in the Sophos study believe it is inevitable that they will end up hit by ransomware, while others 47% cite that this is because the scams have become so sophisticated that they are hard to stop. Looking to the side is also frightening, with 34% of respondents saying they think they will be in the crosshairs soon because other similar organizations have already suffered blows .
The Sophos survey interviewed 5.4 thousand technology executives, of which 550 were from financial services organizations, in 32 countries of the world.
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