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Report Finds 60% Of Banks Surveyed Were a Victim of Destructive Cyber Attack

Contrast Security has released its annual Cyber Bank Heists report which highlights the cybersecurity threats facing the financial sector. The report is authored by Contrast's SVP of Cyber Strategy Tom Kellermann and is based on interviews with financial sector security leaders from around the world.

The results show that 60% of banks were victimized by destructive attacks, 64% saw an increase in application attacks and 50% experienced attacks against their APIs, while 48% experienced an increase in wire transfer fraud and 50% detected campaigns to steal non-public market information. The banks were most concerned about the cyber threat posed by Russia (54%). To combat the growing cybercrime threats, 72% plan to invest more in application security in 2023. The report provides guidance and specific defensive countermeasures, such as deploying intelligent runtime protection, conducting weekly threat hunting, deploying AppSec for serverless platforms, defending APIs and adding a cybersecurity specialist to the board. Kellermann believes that cybersecurity can no longer be viewed as an expense but rather a function of conducting business and that FIs must shift their thinking when it comes to attacks. “The increase of online threats, phishing, ransomware attacks, account takeovers and business email compromises impacting the financial sector is growing every day and we can see in real-time the damage this is doing to the longevity of businesses and the impact it’s having on our economy,” said Derek Booth, Assistant to the Special-Agent-in-Charge, U.S. Secret Service and Head of the Mountain West Cyber Fraud Task Force. “I applaud Tom Kellermann for speaking with some of the most influential people within the sector to determine solutions that can better protect FIs against vulnerabilities in banks and methods of commerce through industry-wide transparency.”



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