Phishing and Ransomware: How Threat Actors Attack the Financial Services Sector

September 04, 20242 Minute Read

Trustwave SpiderLabs is prepped to launch its newest threat intelligence research, the 2024 Trustwave Risk Radar Report: Financial Services Sector. The upcoming report, which is set to be released on September 10, promises to be an indispensable resource for cybersecurity professionals.

This comprehensive report not only sheds light on the modus operandi of a dominant ransomware gang but also delves into the persistent use of phishing and brute-force attacks to compromise credentials. With its in-depth analysis, real-world case studies, and strategic mitigation recommendations, the 2024 Trustwave Risk Radar Report is a comprehensive toolkit designed to empower the financial services sector in the ongoing war against cybercrime.

The report is meticulously crafted to address the unique challenges faced by the financial sector, highlighting significant industry trends, and providing a detailed analysis of the techniques employed by cybercriminals at various stages of their attacks. Trustwave SpiderLabs has consistently been at the vanguard of threat intelligence, and its 2023 report delivered crucial, actionable insights that fortified the financial services sector against cyber threats.

The latest analysis continues our expansive coverage of the threats facing the financial services sector and will be fortified with two companion reports that focus on phishing-as-a-service and insider threats. These threat vectors are particularly vexing to financial services organizations, and so receive some well-deserved attention.

For each topic, the team explains the threat, what Trustwave SpiderLabs is seeing in the wild, and mitigations organizations can take to minimize the problem.

The information included in the report was developed at the source using threat hunts and investigations on the Dark Web to discover how cyber groups develop tactics, techniques, and procedures to strike at financial services organizations.

How Threat Actors Withdraw Information

The number of organizations in this sector that have suffered some type of cyberattack is unfortunately long and continuously growing, with some of the more well-known names being struck in the last 12 months, including Bank of America and Prudential Financial.

It should not be a surprise that ransomware continues to be a significant issue for this sector as these organizations handle vast amounts of sensitive data and financial transactions, making each a prime target for cybercriminals seeking to disrupt operations to extract large ransoms. The impact of a ransomware attack on a financial institution can be catastrophic, leading to operational paralysis, substantial financial losses, and severe reputational damage.

However, adversaries are also always looking to expand their target list. While well-established players in the financial sector remain primary targets, the report notes how threat groups have surged into cryptocurrency operations. These present entirely new avenues to exploit that are generally not found in traditional banking circles, including cryptocurrency wallets, exchanges, and cryptojacking.

Additionally, the report finds threat groups are looking to add to their armory and implement new weapons, such as the emerging threat of deepfakes. Deepfakes are relatively easy to generate and give threat actors the ability to create highly convincing, but fake content to deceive individuals and organizations, undermining trust and facilitating fraud.

The Trustwave SpiderLabs Industry Report Series

The 2024 Trustwave Risk Radar Report: Financial Services Sector is the latest in a series researched and published by Trustwave SpiderLabs starting last year. Please visit these for an in-depth analysis of the security issues facing each industrial sector:

• 2024 Public Sector Threat Landscape: Trustwave Threat Intelligence Briefing and Mitigation Strategies
• 2024 Education Threat Landscape: Trustwave Threat Intelligence Briefing and Mitigation Strategies
• Trustwave SpiderLabs' 2024 Technology Threat Landscape: Trustwave Threat Intelligence Briefing and Mitigation Strategies
• 2023 Manufacturing Threat Landscape: Trustwave Threat Intelligence Briefing and Mitigation Strategies
• 2023 Retail Sector Threat Briefing and Mitigation Strategies
• 2023 Financial Services Sector Threat Briefing and Mitigation Strategies
• 2023 Hospitality Sector Threat Landscape: Trustwave Threat Intelligence Briefing and Mitigation Strategies
• Cybersecurity in the Healthcare Industry: Actionable Intelligence for an Active Threat Landscape
• 2024 Professional Services Threat Landscape: Trustwave Threat Intelligence Briefing and Mitigation Strategies

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