Ransomware threat actors are targeting the financial sector. Here’s what you need to know
Ransomware has become extremely prevalent in the past two years, especially since the COVID pandemic drove a surge in the prevalence of remote work. Financial companies have very wisely resisted this trend, and with good reason.
There is an ongoing paradigm shift in finance which involves new ways of thinking and modes of operating, and this restructuring will very probably lead to the largest transfer of wealth that humanity has ever seen. Financial technology is now more accessible than any time in history, so the barriers to financial participation are dropping fast. We must take care that value is created for truly beneficial purposes, and that wealth does not end in the hands of those unworthy of it.
Ransomware is one of the illegitimate forms of wealth transfer currently underway. Stories are emerging of ransomware hackers going “from rags to riches,” eating from dumpsters one day and driving exotic cars the next. Some ransomware groups have even “retired” after earning huge sums of cryptocurrency, brazenly proclaiming: “We have proven that crime does pay.”
We can’t say whether or not these cybercriminals deserve their newfound wealth, but we can certainly say that the method in which they have obtained it is wrong. It’s not only in the best interest of financial companies to make moves to stop this epidemic— it’s also a moral obligation.
Financial companies should be aware of a few very specific threats and groups that are behind them. There are a variety of different organizations in the ransomware space that are behind attacks but some groups are more sophisticated and organized than others. These avant-garde groups are those that companies dealing in finance should be most aware of in order to understand their tactics and be best prepared to withstand targeting by them. To name a few we have Conti, Ryuk and Lockbit 2.0 are among the most proficient gangs targeting large companies in the financial sector.
The most important factor to be aware of when attempting to counter this threat is phishing. These gangs have been known to hack the emails of corporate executives, and impersonate them very convincingly in order to get employees to click malicious links. Strong phishing awareness programs are essential to ransomware prevention.
It’s also important to take network monitoring seriously. Ransomware hackers sometimes spend weeks after breaching a network before they launch an attack, and during this period there are many warning signs if you know where to look. With the ransomware epidemic on the rise, an active network monitoring and threat response plan is no longer optional.