Attacks against financial services institutions (FSIs) are on the rise, with the industry experiencing a 1,318 percent increase in ransomware attacks in the first half of 2021. That same year, FSIs were among the top targeted industries globally, outranking even healthcare, government, and big tech. These attacks are not only disruptive to business these attacks come with a hefty price tag – at an average cost of $5.72 million for a data breach at an FSI. 

Threat actors have become more sophisticated and precise in their methods of attack, using multifaceted extortion techniques to trap institutions into paying a ransom. FSIs like JP Morgan have invested heavily in building a dedicated cybersecurity team, but small and mid-sized FSIs do not have a multimillion-dollar budget to spend on cybersecurity.  

However, help is at hand for small and mid-sized FSIs in the form of a comprehensive guide that provides critical knowledge necessary for organizations to defend themselves against threat groups. Regina Elwell, Mandiant’s Senior Principal Analyst, explained on the Defender’s Advantage podcast why she felt the report was important to improving organizational security. “Every organization has to make security decisions and prioritize those decisions on what to implement [and] how to implement that,” explained Elwell. “If we can provide data on the actual prevalence of techniques and how often we see them, those decision-makers can be better equipped to make intelligent security decisions.” 

Small and medium FSIs do not have to be sitting ducks waiting for the next ransomware attack. By understanding the recent trends in cyberattacks, IT teams will be more adept at defending against ransomware attacks and data breaches. 

Learn more about the top cybersecurity trends here.