Majority of banks paid ransom for cyberattacks last year

Cloud computing company VMware says its most recent report has found a drastic increase of destructive cyberattacks, with 74% of businesses interviewed experiencing one or more ransomware attacks in the last year. Its report, 2022 Modern Bank Heist, is an annual look into the experiences of top financial and security leaders regarding cybercriminal cartels and offers insights on the shift of defensive methods. VMware says financial institutions are falling victim to ransomware more often than in past years as sophisticated cybercrime cartels evolve beyond wire transfer fraud to target market strategies, take over brokerage accounts and island hop into banks. The report found that 63% of financial institutions admitted experiencing an increase in destructive attacks, with cybercriminals leveraging this method to burn evidence as part of a counter incident response. Additionally, 63% paid the ransom for cyberattacks. When asked about the nation-state actors behind this criminal activity, most financial instructions stated Russia posed the greatest concern as geopolitical tension continues to escalate in cyberspace. Other findings include 60% of financial institutions experiencing an increase in island hopping, a 58% increase from last year. The increase represents a new era of conspiracy, where hijacking the digital transformation of a financial institution via island hopping to attack its constituents, has become the ultimate attack outcome.

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