In the 10 months of 2024 the financial sector suffered double the attacks compared to the entire year 2023. These statistics were shared with Vedomosti by the “daughter” STDRED Security Company (formerly MTS RED). Since the beginning of the year, RED Security SOC analysts have repelled nearly 17,000 cyber attacks against banks. The financial sector is in 3rd place in the ranking of the most attacked sectors since the beginning of the year, they told Vedomosti. According to RED Security statistics, industry was in first place, IT companies were in second place.
Interview with Cybersecurity Expert: Understanding the Surge in Cyber Attacks on the Financial Sector
Editor, Time.news (ET): Welcome to our interview today! I’m here with [Expert’s Name], a renowned cybersecurity expert and analyst from RED Security. Recent statistics show that the financial sector faced double the cyber attacks in the first ten months of 2024 compared to the entire previous year. Can you elaborate on these findings?
[Expert’s Name] (E): Thank you for having me. Yes, it’s alarming to see that the financial sector ranks third in the most attacked sectors, having experienced nearly 17,000 cyber attacks in just ten months. This surge highlights the increasing targeting of banks by cybercriminals, primarily driven by the financial rewards associated with such attacks.
ET: That’s quite significant. What do you think is fueling this increase in cyber attacks on financial institutions?
E: Several factors contribute to this rise. Firstly, the ongoing digital transformation in the financial sector has expanded the attack surface for cybercriminals. Moreover, with the strategic shift towards remote work, many banks and financial institutions have adopted more digital processes, which inadvertently create vulnerabilities. Cybercriminals are keenly aware of these weaknesses and are taking advantage of them.
ET: Interesting insights. Can you share which sectors are being attacked the most? You mentioned that industry and IT companies are affected as well.
E: Absolutely. According to our statistics at RED Security, the industrial sector is currently the most attacked, with IT companies following closely. This reflects a broader trend where essential services and infrastructures are increasingly under threat. These sectors have valuable data and operational stability, making them prime targets for attackers.
ET: With financial institutions being a clear target, what practical advice would you give to banks to mitigate these cyber threats?
E: Banks must prioritize robust cybersecurity measures. This includes implementing multi-layered security protocols, continuous monitoring of networks, and employee training to recognize phishing attempts. Additionally, regular vulnerability assessments and updates to software and systems can significantly reduce the risk of successful attacks. Investing in AI and machine learning can also help in detecting unusual patterns and responding to threats in real-time.
ET: That makes sense. For readers who may not be directly involved in the financial sector, what can individuals do to protect themselves against cyber threats in general?
E: Individuals should practice good cybersecurity hygiene: use strong, unique passwords for each account, enable two-factor authentication wherever possible, and stay vigilant about suspicious emails or messages. Regularly updating devices and software, using reputable antivirus software, and being cautious about the information shared online can also help protect personal data.
ET: Thank you for those insights. As we wrap up, how can financial institutions and industries prepare for the likelihood of continued cyber threats in the future?
E: Preparation is key. Organizations need to invest not just in technology, but also in people and processes. This means fostering a cybersecurity culture, conducting regular training, and preparing incident response plans well in advance. Continuous collaboration among financial entities can also strengthen defenses and create shared intelligence on emerging threats.
ET: Thank you, [Expert’s Name], for sharing your expertise with us today. Clearly, the financial sector and other industries must remain vigilant against a climate of increasing cyber threats.
E: Thank you for having me. It’s crucial for everyone to remain vigilant and proactive against these ever-evolving cyber threats.
ET: And to our readers, thank you for joining us. Stay informed and protect yourself against cyber threats!
