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Modern Bank Heists
Cyberattacks & Lateral Movements in the Financial Sector
Nation State Threats
Russia (59%), China (23%) and North Korea (16%) are the most concerning nation-state actors associated with cyberattacks, according to financial institution CISOs in our survey. Geopolitical tension serves as a harbinger for cyberattacks. There’s perhaps no surprise with the results to this question with Russia leading the way, given the country’s continued efforts to attack and influence the West, including the United States’ 2016 presidential election.
The “Silicon Valley of the Dark Web” lies in St. Petersburg, Russia. Russian cybercriminals have demonstrated advanced sophistication among hacking groups. Russia’s motivation for targeting financial institutions appears to go beyond financial gain or countering economic sanctions. Since 2014, many of the best cybercriminals have acted patriotically on accession to support Russia’s strategic goals. Corporate espionage, sensitive data, trade secrets and personal information for executives, partners and customers all seem to be in play when it comes to Russia’s cyberattack efforts.
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.
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.