Ransomware in Finance: How to Protect Yourself

There’s no panic button for this bank robbery, and your employees can’t do anything to protect themselves. One of the most significant risks to financial institutions this year is ransomware.

Increasing consumer access to financial data and a lower price for consumer data on the dark web puts financial institutions at higher risk for ransomware attacks. Learn where you are most vulnerable and how to protect your financial institution from attacks.

Worst-Case Scenario: Deloitte WannaCry Disaster

When Deloitte fell victim to WannaCry ransomware in 2017, some of its top financial consumers’ data were accessed, including login credentials and passwords. Deloitte later noted that some WannaCry victims paid up to 300 Bitcoin and still couldn’t regain system access. This worst-case scenario of losing all access to data and paying millions to replace it is a real threat that financial institutions need to target and neutralize proactively.

Why Financial Organizations are in More Danger of Ransomware Attacks

1. Due to a diminishing return for one-off heists with individual customers, financial institutions are at higher risk for large-scale ransomware attacks that target millions of your customers in one sneaky move.

According to Experian’s 2018 report, here are the dark web going prices for your customers’ financial information:

• Credit cards with CVV: $5
• Bank information: $15
• Fullz is the SSN, birth date, and all other information that helps cyber criminals mobilize financial resources and other lucrative deals quickly and is worth about $30

Your clients’ financial information is valuable, but usually not worth the risk of getting caught unless cyber thieves gather hundreds or thousands of accounts by targeting financial information hubs.

2. Consumer demand for personalization and immediate access an increasing swath of financial data means FinTech platforms have to account for even more vulnerabilities.

Fintech Finance notes that finance is the most targeted industry for ransomware attacks, getting hit by one-fourth of all breaches. Your data means money for cybercriminals, and with sophisticated identity obfuscation, your attackers are likely to get away with their crimes under the protection of anonymity.

FinTech platforms need to be aware of protecting customer data as well as proprietary information and source code, which hackers can use to pinpoint your vulnerabilities and steal millions of users’ financial data.

3. Financial institutions tend to rely on older systems that have outdated security.

Compared to SaaS companies and tech leaders, financial institutions often fall far behind in data security measures. While banks like BBVA signal a sea change in data protection innovation, other financial institution data security needs some beefing up.

Fintech Global warns that banks need to take heed of the data risks for financial institutions and adapt at a faster pace to beat hackers. Discover how to protect from debilitating and costly ransomware attacks in finance.

How to Protect Your Financial Organization from Ransomware

Back up your data in a third-party cloud depository.

Just as your customers depend on federally-insured funds, your data should be backed by a third-party whose sole duty is protecting your data. You will maintain data availability, ensure business continuity, and prevent expensive and reputation-damaging breaches.

Train employees on data best practices.

Your employees are gatekeepers, and they are operating in the daily grind of their jobs. While most employees will be vigilant most of the time, some of your employees could use a refresher on data protection best practices to prevent costly mistakes.

Discover the fool-proof plan for financial data protection with Backupify’s backup solution now!