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Excerpts from Modern Bank Heists – Overview

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May 31, 2018 / Tom Kellermann

Carbon Black recently published a report on the newest threats facing the financial world, and how to counteract them. For more information about how Cb Defense, Carbon Black’s NGAV + EDR solution, helps enterprises address their endpoint security challenges, check out our weekly Cb Defense Live Demo, every Wednesday at 2PM EST, 11AM PST.


Modern Bank Heists

Cyber Attacks and Lateral Movement in the Financial Sector

OVERVIEW

The electronic finance revolution began in earnest in 1995, empowering institutional and retail clients with greater access to financial services and far lower transaction costs.

The advent of the internet and advances in wireless and satellite technologies have multiplied the possibilities for moving digital information. However, the use of these technologies is not without risk. These systems, which rely on computers and the internet, are often vulnerable to cyberattacks.

Cyberattacks against financial institutions are most often conducted for the purpose of yielding illicit financial gain. These attacks are typically undetectable, global, and instantaneous.

During the past three years, researchers have seen a tremendous amount of innovation from cybercriminals. Over the past six months specifically, the cybercriminal modus operandi has evolved. Cybercriminals are leveraging new techniques, tactics and procedures (TTPs) specific to maintaining persistence and countering incident response.

To better determine how cybercriminals are hiding behind invisibility cloaks to remain undetected, Carbon Black conducted a survey, comprising input from chief information security officers (CISOs) at 40 major financial institutions. The purpose of the survey is to improve telemetry for threat hunting teams and defenders.

In this survey, CISOs revealed trends in lateral movement, counter incident response, integrity attacks and the most concerning threat actors organizations face. It’s important to note that financial institutions, relatively speaking, have a more robust cybersecurity posture than peers in other verticals. However, this does not make them immune to attack. There is still considerable opportunity for financial institutions to improve cybersecurity posture and go on the offensive with threat hunting teams.

 


 

Listen to our security experts at Carbon Black and Network Security Engineer Christopher St. Amand at PeoplesBank during a recent webinar where we discussed the benefits of cloud-based security platforms and how they apply to your specific needs.

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Thanks for joining us as we explored “Modern Bank Heists,” our report on the changing landscape of cybercrime in the financial sector and how to arm your institution against a breach. You can click here to get a copy of the full report. Join us next week as we continue to profile this report.

TAGS: Carbon Black Threat Research / Cb Defense / endpoint security / Excerpts / malware / ransomware