Report on Global Financial Threats Against Banks or Institutions

Symantec says financial threats are 2.5 times more relevant than ransomware, with more than 1.2 million detections per year worldwide.

Attention to ransomware-type attacks is on the rise. However, Symantec presented its annual report on financial threats in which financial malware is identified as more relevant than ransomware.

Main findings

Financial threats are more relevant than ransomware

While this second type of threat continues to have all the attention (especially in the recent case of WannaCry ransomware), financial threats are 2.5 times more relevant, with more than 1.2 million detections in the world.

Attacks on rising financial institutions

Since 2016, with the emergence of several sophisticated cybercrime groups following

Symantec says financial threats are 2.5 times more relevant than ransomware, with more than 1.2 million detections per year worldwide.

Attention to ransomware-type attacks is on the rise. However, Symantec presented its annual report on financial threats in which financial malware is identified as more relevant than ransomware.

Main findings

Financial threats are more relevant than ransomware

While this second type of threat continues to have all the attention (especially in the recent case of WannaCry ransomware), financial threats are 2.5 times more relevant, with more than 1.2 million detections in the world.

Attacks on rising financial institutions

Since 2016, with the emergence of several sophisticated cybercrime groups following financial institutions, 38% of all detections of financial threats were directed to institutions rather than attacking consumers. This is because the benefit to cyber criminals is much greater.

Symantec saw a large increase in the detection of financial Trojans throughout Asia, with Japan, China, India, the Philippines and Vietnam gaining prominence in the top 10 list. This shows that the attackers are expanding into new markets of less saturated and less protected regions.

United Kingdom: Companies Are Stacking More and More Bitcoins

British companies are prepared to pay up to £136,000 on average to recover critical data taken hostage by ransomware. This is the outcome of the 2017 survey sponsored by Citrix UK, a company that provides collaborative, virtualization and networking products to facilitate mobile work and adoption of cloud services.

The survey covered 500 British companies with a minimum workforce of 250 employees. It follows a precedent launched by the same company a year ago. The average amount of the ransom payment was then £29,544. With the £136,000 pledged this year, there was an increase of 361 percent.

It should be made clear that these companies are complying with one of the major requirements of the authors of ransomware: receiving payments in bitcoins.

The 2017 survey shows that co

British companies are prepared to pay up to £136,000 on average to recover critical data taken hostage by ransomware. This is the outcome of the 2017 survey sponsored by Citrix UK, a company that provides collaborative, virtualization and networking products to facilitate mobile work and adoption of cloud services.

The survey covered 500 British companies with a minimum workforce of 250 employees. It follows a precedent launched by the same company a year ago. The average amount of the ransom payment was then £29,544. With the £136,000 pledged this year, there was an increase of 361 percent.

It should be made clear that these companies are complying with one of the major requirements of the authors of ransomware: receiving payments in bitcoins.

The 2017 survey shows that companies with more than 1,000 employees store an average of 23 BTCs in order to be able to mitigate any eventuality as soon as possible. Approximately 28% of these would store more than 30 BTC, the equivalent of £50,000, ready to satisfy any hacker requirements.

The 2017 survey also shows that the number of businesses with 250 to 500 employees who adhere to such practices increased by 14% compared to 2016. At the same time, The proportion of businesses with 250 to 500 employees who maintain funds in Bitcoins ready to be transferred to hackers is always greater than that of companies with more than 1,000 employees who also store bitcoins.

Taking into account that this poll initiated by Citrix last year already revealed that British companies were storing bitcoins to satisfy any hacker demands. It should not be surprised to review these figures upwards next year when we know that the ransomware WannaCry first hit the British.

But is the approach of setting aside funds to satisfy hackers the right one? The answer is no since the payment does not guarantee the restoration of the data. Rather, these funds could be used to implement better security policies.

Having Your Business Data in the Cloud is Not Only Safer But More Cost-Effective

The methods for a company to migrate their systems to the cloud are different and varied. However, the most important thing to keep in mind is that there are a number of myths for those who have to make the decision on cloud migration.

One of the main myths about migrating business data to the cloud lies in the concern about the potential vulnerability of its confidentiality. The trend is changing because before people wanted to have the information saved, but now they realize that the cloud is safe and once there the data is there, it is harder to lose.

Advances in technology have made possible attacks to violate or hack the information are minimized. In addition to demystifying the security issue, the main advantage of having information from a company in the cloud is portability.

By having the data in the cloud, they are available at any time

The methods for a company to migrate their systems to the cloud are different and varied. However, the most important thing to keep in mind is that there are a number of myths for those who have to make the decision on cloud migration.

One of the main myths about migrating business data to the cloud lies in the concern about the potential vulnerability of its confidentiality. The trend is changing because before people wanted to have the information saved, but now they realize that the cloud is safe and once there the data is there, it is harder to lose.

Advances in technology have made possible attacks to violate or hack the information are minimized. In addition to demystifying the security issue, the main advantage of having information from a company in the cloud is portability.

By having the data in the cloud, they are available at any time, and for all members of the company who are duly authorized, otherwise, companies usually use programs that involve more complex procedures to access.

The company will not have to dedicate itself to buying servers nor will it need specialized technical support people. The only thing that will require is the internet connection to access the data of the organization that will be in the cloud.

Software providers have agreements with companies that provide the service of putting information in the cloud, such as Microsoft, Dropbox, Orange Cloud, and Box, among others. What matters is the advice of experts to choose the provider that most closely matches the needs of each company.

There are different providers of this service, in the hosting part or those that distribute this type of technology, are classified according to their qualification. If the customer is looking for a company with low qualification, it will have less available their data. And now companies are migrating to the cloud for security and improving their processes.