June 17, 2017
Financial institutions deliver a vast amount of services to consumers and business. Trillions of dollars’ exchange hands daily to keep the world going. These institutions hold, invest and care for the wealth of large populations. Financial institutions form the backbone of our industrialized world. These institutions depend heavily on information technology systems and any form of disruption to these critical systems can severely undermine confidence and thereby result in loss of business and reputation to these financial institutions. As these institutions manage a lot of money, they are also a key target for cybercriminals.
Cyberattacks impacting financial institutions are predominantly focused on trying to scam people and get money from them. If pressed, I would say that 95% of these attacks are executed for direct financial gain. The other 5%? In most cases, organized hacktivists and other groups working towards hurting a financial institution, its brand, and its customer loyalty.
To financially gain from an attack on a financial institution, these bad actors are most likely looking to accomplish one of two things: