Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Banking

An Action Plan for Financial Services Institutions to Address Ransomware

by Rebecca Sammons
June 16, 2022
in Banking, Cybersecurity & Risk
Reading Time: 3 mins read
A A
cybersecurity action plan
Share on FacebookShare on Twitter

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.  

Download Report

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. 

Tags: cyberattackscybersecuritycybersecurity trendsMandiantransomware attack

RELATED POSTS

Minimizing Phishing for Financial Services Institutions with Enhanced Email Security
Banking

Minimizing Phishing for Financial Services Institutions with Enhanced Email Security

November 8, 2022
With a Virtual CISO, Financial Services Institutions Can Upgrade Their Security Posture
Banking

With a Virtual CISO, Financial Services Institutions Can Upgrade Their Security Posture

October 27, 2022
Helping Health Insurers
Cybersecurity & Risk

Helping Health Insurers Defend Against Cyberattacks

October 26, 2021

TRENDING NOW

  • Matching Buyers and Sellers in M&A

    595 shares
    Share 238 Tweet 149
  • The State of Digital Transformation in the Fintech Industry

    525 shares
    Share 210 Tweet 131
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    743 shares
    Share 297 Tweet 186
  • Data Lineage and Pedigree – One and the Same?

    603 shares
    Share 241 Tweet 151
  • Using Knowledge Fabric to Meet Customer Expectations in the Digital Era

    585 shares
    Share 234 Tweet 146

CONNECT WITH US

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us