The Double-Edged Sword of Heightened Regulation for Financial Services

Financial services organizations are attractive targets for cybercriminals due to their wealth holdings and the abundance of sensitive data they store. The Cl0p threat group is responsible for a large portion of ransomware incidents in the financial sector. The majority of targeted companies are from the U.S., followed by India, Russia, and Mexico. The use of HTML attachments for email-borne malware is prevalent, with obfuscation being a common defense tactic. The financial services industry faces unique cybersecurity challenges, including the need to protect sensitive data, navigate complex regulations, maintain consumer trust, and manage partnerships and interconnectedness. Several threat actors and tactics are identified, including email attachments, phishing, BEC scams, vulnerability exploitation, credential access, and malware.