FX and Crypto Sectors Show Strength as Ransomware Attacks Increase by Over 70%
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
In 2023, the report from ZScaler’s State Ransomware revealed that the ransomware attacks have surged 70% compared to the previous year.
The payouts exceeded one billion USD, and the demanded ransoms averaged between $100,000 and $5 million. This figure does not account for the many unknown or unreported attempts and successful attacks.
The cryptocurrency sector and foreign exchange have become targets for cybercriminals due to their digital dependency and high liquidity. Therefore, establishing strong cybersecurity is vital to maintaining customers’ trust and safeguarding valuable services.
The Integration Of Technology In Commercial Businesses Has Transformed Cybersecurity
Over the years, many companies around the globe have adopted the use of technology in their commercial businesses. This has led to the metamorphosis of cybersecurity from a specialized technological project to a standard practice for minimizing risk.
Cybercrime would have been ranked 3rd in the world’s largest economy, after the US and China, if it were to be measured as a country. Ransomware locks computer systems with encryption, while the attackers demand a ransom to provide the decryption key and restore access.
Big game hunting as a concept means going after high-value entities like financial institutions and banks. These entities are important because any harm to them could negatively affect the nation’s economy. Ransomware-as-a-Service model highlighted its importance.
This model lets adversarial nation-states or crime groups create advanced computer viruses. It makes it easier for other cybercriminals to join in. They use these crime groups to help them attack essential parts of the economy in a loosely organized way.
Ransomware Attacks On Financial Institutions Can Lead To Operational Disruptions
Ransomware has shown no regard for geopolitical boundaries since the attack of the infamous WannaCry in 2017; this has affected the systems globally. Yet, the nature of ransomware dynamics and cyberattacks has changed drastically in recent years.
The effect of ransomware attacks on financial institutions can be destructive, leading to disorder in operation, loss of customer trust, and financial loss. These organizations must stay updated on their technology stack’s newest cyber ransom strategies and vulnerabilities. This should be done via advanced threat intelligence and global cybersecurity networks.
An information security framework is a set of written rules that help make a company’s policy. The policy lists the key components of the security governance structure, allocates roles, and connects security practices to business goals. The policies are usually divided into three parts, namely the advisory, regulatory, and informative.
