More financial companies share their information to fight cybercrime
The growing threat of cybercrime has prompted financial companies to increase intelligence sharing by 60%, new research finds.
According to the cyber-espionage group of the cyber intelligence services FS-ISAC, the growth was observed among its member firms between August 2020 and August 2021. The increase occurred in all regions, including North America, Europe and the United Kingdom.
The company claimed the increase was due to supply chain and ransomware threats, as well as several large-scale and high-profile attacks.
âWith the increase in sophisticated cross-border cybercrime campaigns against the financial industry and its supply chain, global industry-wide collaboration has become a risk management imperative,â said Steven Silberstein, CEO of FS-ISAC .
âThe sharing of information and best practices within our community and across our platforms has reached new heights, driven by the high profile events of the past 12 months. We applaud those members who go above and beyond to protect the financial system as a whole. “
In addition to helping detect and prevent cyberattacks, FS-ISAC noted that sharing by large market-based financial institutions with stricter and more comprehensive regulation helps strengthen the cybersecurity programs of smaller companies. or less endowed with resources from around the world, for the benefit of the entire financial ecosystem.
âAmerican Express is deeply interconnected with other players in the global financial system,â said Fred Gibbins, chief information security officer at American Express.
âWe believe it is our core responsibility to share information and best practices with our peers to help the industry protect and defend against emerging cyber threats. “
The threat posed by cyber attacks has increased dramatically in recent years. A report warned that there had been a 485% overvoltage in ransomware attacks in 2020. And another said the UK has been hit by 14.6 million ransomware attacks so far this year.
The cybercrime industry has also matured, with knowledgeable and skilled players using proven tools. They are increasingly targeting large organizations looking for big salaries, putting financial institutions in the crosshairs.
All of this means that cybersecurity is a growing concern for financial services. The average bill for a victim of a ransomware attack in the financial industry is now around $ 2 million. This is in addition to the reputational damage caused by data exfiltration.
With companies awarding greater resources To fight cybercrime, intelligence coordination makes it possible to defend effectively against cybercrime, while reducing costs.
âMeaningful threat intelligence gives our security team at IAG an edge over attackers and reduces cyber risk,â said Threat Analytic Cell Manager at IAG Craig Hall.
âRecently we were able to identify a threat actor who methodically attacked Australian financial institutions in alphabetical order throughout the day.
âBy sharing the criminal’s tactics, members across the region knew when they were likely to be hit and were therefore able to defend themselves against attack. “