Ransomware

Fraudsters are licking their chops at the prospect of businesses and financial services extending remote working because of the coronavirus pandemic.

Hacker emails disguised as pleas for aid have surged in the past month, and they're targeting bank employees and the many others working from home.

What banks need to know about the coronavirus stimulus package; tech vendor Finastra hit with ransomware attack; bank CIOs confront challenge of so many employees working at home; and more from this week's most-read stories.

The attack knocked out core and mobile banking systems at several U.S. banks, and Finastra is working to get them up and running.

The ransomware attack chain uses a number of methods to infect an organization's systems, which can easily bypass an entire organizational security framework in seconds, according to Exabeam's Richard Cassidy

Travelex Holdings Ltd., the London-based foreign exchange company, is being held ransom by hackers, forcing the firm to suspend services across 30 countries.

The first line of defense is to not pay the ransom. Then a layered approach to security and recovery plan can ward off the crooks, says Nominet's Stuart Reed.

Severe attacks are on the rise in all sectors, including financial services. There are several specific defenses banks can employ to mitigate and recover from them.

Of all the types of malicious software targeting businesses, ransomware continues to be one of the most pervasive, according to recent studies. Here's an overview of the things banks, especially small ones, are doing to stop it.

Among the findings, credit unions may not be doing enough to protect against malware, which involved in nearly 40 percent of hacking incidents, as well as Trojan botnets and denial of service attacks.

Diminished returns from basic card breaches will turn crooks' attention to much larger and more dangerous attacks on entire payment systems, writes John Christly, global chief information security officer for Netsurion.

The ransomware threat is likely to get a lot worse before it gets better — if it ever does. And small merchants and ATMs may be the most at risk.

Attacks like the WannaCry ransomware require issuers to educate staff and shore up technology defenses, writes Bob Antia, cheif security officer of Unitrends.

Up-to-date operating systems, anti-phishing tools and good backup should keep banks and CUs safe from ransomware. Can your institution check off those boxes?

Up-to-date operating systems, anti-phishing tools and good backup should keep banks safe from ransomware. Can your bank check off those boxes?

One recent study says local and regional FIs face the greatest risk of losses from ransomware, but there are steps CUs can take to mitigate that risk.

The threats are evolving, but CUs' prevention efforts aren't evolving at the same pace.