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Researchers pointed to three recent cyber events that made headlines, including Not Petya ransomware that used accounting software company MeDoc to spread its attack. and found that 61 percent of companies that experienced a data breach as a result of their third-partyvendor, a 5 percent increase from 2017 figures.
No bank is immune to this threat, with ransomware attacks on financial services increasing from 55 per cent in 2022 to 64 per cent in 2023. Financial services providers of all types are in the crosshairs of sophisticated hackers, and it’s easy to understand why. For banks, a successful cyber-attack can bring about monumental financial losses.
While the types of data breaches now vary – from ransomware, to phishing emails, to insider attacks – malware continues to be a major culprit, with the AT&T Market Pulse: The Global State of Cybersecurity survey finding that 90% of U.S.
Rather, it comes in the form of how that organization connects to its customers, business partners and suppliers — all thirdparties over which an organization has no control. This is exactly how a well-known ransomware attack like NotPetya was able to take down Maersk’s entire network for multiple days,” he said.
Cyberattacks, ransomware attacks and more have taken businesses and people’s personal information and turned it upside-down over the past few decades. Typical advice from top security officials can range from being careful with third-partyvendors to giving consumers more control over their own data.
The news that hit Friday afternoon that malware and ransomware were racing across the globe at a breakneck pace, infecting computers at companies across verticals and causing havoc, brought cybersecurity to top of mind, yet again. . Talk about timely.
. “Identity providers will also continue to be targeted, with modern defensive postures being able to bypass controls like multi-factor authentication while threat actors will continue to target third-partyvendors to scale their attacks. In fact, our claims data has shown a significant increase in this activity.
The Monetary Authority of Singapore (MAS) has reiterated that financial institutions must ensure stringent cybersecurity measures are in place across their third-partyvendors, following concerns about vendors becoming potential weak points.
Third-Party Risk Management The Challenge: Your security is only as strong as your weakest link, which often includes third-partyvendors. The Solution: Set clear expectations for vendors by requiring them to comply with SWIFT CSP controls. Legal Liabilities : Risk of legal action from non-compliance.
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