Financial Businesses Under Attack by Malware
Brief:
In 2024, the financial sector experienced a significant increase in sophisticated cyberattacks orchestrated by cybercriminals and state-sponsored groups. These adversaries exploited zero-day vulnerabilities and supply chain weaknesses and deployed advanced malware to infiltrate financial institutions. Financial services are being attacked because of perceived end user vulnerabilities.
Affected Systems:
All
What Does This Mean to Me:
Hackers exploited vulnerabilities in widely used online applications or conducted phishing campaigns that mimicked legitimate login portals to hijack credentials and session cookies. This means they’re presenting fake websites to users, tricking them into surrendering their login information. In some cases, once penetrating a network, attackers deploy custom ransomware strains with tools designed to disable endpoint detection systems.
Why This Matters for Small Businesses:
Users are often presented with login pages to typical online applications and ignore what they sign in to. This could cause them to mindlessly type in a username or password, giving the attacker access to confidential systems.
How to Protect Your Business:
Enhance Employee Training — educate staff about phishing tactics and social engineering to reduce the risk of credential theft.
Implement Robust Security Measures — utilize comprehensive security solutions, including antivirus software, firewalls, and intrusion detection systems, ensuring they are regularly updated.
Regular Software Updates — promptly apply patches to operating systems and applications to mitigate vulnerabilities.
Adopt Multi-Factor Authentication (MFA) — Implement MFA to add an extra layer of security beyond passwords.
Secure Data Backups — maintain regular offline backups of critical data to ensure recovery in case of ransomware attacks.
Develop an Incident Response Plan — establish and regularly update a plan to address potential cyber incidents, including clear roles and communication strategies.
Recommended Response and Countermeasures:
Security Audit
Endpoint Management
Online Backups
Training
By proactively implementing these measures, small business owners can strengthen their defenses against evolving cyber threats and safeguard their operations. If you’ve got questions, contact me.
Prepared by:
Russell Mickler
Principal Consultant, Mickler & Associates, Inc.
rmickler@micklerandassociates.com
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