Larger financial institutions hit by variety of cyberattacks in 2022

More than 60% of global financial institutions with at least $5 billion in assets were hit by a variety of cyberattacks over the past year, according to a new survey by Contrast Security. Incidents included attempts to destroy data held by the institutions, usually to erase evidence following a counter-incident response by the victim, and “watering hole” attacks in which cybercriminals hijack and boobytrap a website or mobile app used by e-finance customers. Sixty-four percent of institutions also reported an increase in attacks exploiting vulnerabilities in apps.

In terms of fraud trends, half of respondents said they have detected campaigns to steal nonpublic information. Nearly the same amount reported an increase in wire fraud. Forty percent had been the target of ransomware. At the same time, more than half of respondents said they were most concerned with the cyber threat posed by Russia as geopolitical tensions rise.