Increasingly complex supply chains and remote workforces within the banking, insurance and consulting sectors have increased attack vectors and insider threats, and cyber– criminals have been quick to act.
These organizations are a goldmine of financial data like account details, cryptocurrency portfolios and investment information – all incredibly valuable to cyber criminals. Cyber-attacks are getting more frequent, more sophisticated, more terrifying and more devastating. Even an isolated cyber attack can spread and bring down a whole supply chain.
It could be about stealing money or data, monitoring the financial activities of specific clients, politics, ransom, or cybervandalism. It could be professional hackers for hire, jealous rivals, political terrorists, careless or disgruntled current or ex–employees, organized groups backed by nation states, contractors, or careless employees or temps. Hackers will find a way. Often, it’s through a USB device. In 2020, a new ransomware family called Try2Cry was identified, spreading via infected USB drives. It borrows functionality from Spora and features a USB worm component similar to that observed in the njRAT remote access Trojan.
A data breach can cause devastating financial loss, hefty regulatory fines, lost customers, system downtime, lost productivity, lawsuits from third parties, a tarnished reputation and recovery expenses. 40% of businesses that suffered a breach lost business opportunities, and 25% said those were substantial. Most organizations can’t afford a hit to their sales pipeline or key accounts.
Banking is 300% more likely to be attacked than the average industry and 65% of large financial services companies have suffered a data breach in the past year, with 45% experiencing a rise in attack attempts since the start of the COVID–19 pandemic. 58% of cyber attacks on financial institutions rely on employees gaining access, yet 90% of those have no idea that they’re aiding in that access. What’s more, 60% of data breaches involve a third party but only 52% of companies have appropriate security standards in place.
Cyber attacks are growing in sophistication and scope, and ransomware as a service has grown into an entire industry, fueled by the rise of cryptocurrencies. Now, 40% of USB sticks contain at least one risky file and 26% of these threats could lead to operational problems. To make matters worse, malware is getting harder and harder to detect.
You need the proper defenses in place. By placing the KUB at reception or sharing it between different sites, you can ensure all USB devices are regularly cleaned and easily reduce the risks of third–party cyber-attacks and BYOD, while educating your workforce in cyber security. The KUB helps insurance and financial institutions prepare for hybrid working by preventing downloading unsafe apps, malware infections, data leakage, unauthorized access to data, and managing ever–growing numbers of different devices and insider threats.