BE AWARE OF EMERGING RANSOMWARE RUSES HITTING THE BANKING INDUSTRY

Cybersecurity has been a key concern for banks for many years, especially related to ransomware threats and tactics. 85% of community bank executives cited cybersecurity as a top priority according to a 2022 survey conducted by the Risk Management Association.

threat actors target critical supply chain vendors, hoping to inflict serious financial companies downstream of that vendor. By increasing their “blast radius” and creating maximize ransom amounts and increase their odds of getting paid. For example, a 2021 1,500 customers of an IT service provider. Another highly publicized event, the 2020 18,000 users of their system management software. of only partially encrypting files. It is designed to increase the speed of a malware the malware will avoid detection by security software.

concerning situation where threat actors gain additional leverage over their victims by both exfiltrating sensitive information such as PPI of your customer base. The hackers then threaten to The potential reputational damage to your bank has the potential to be a greater threat Cybersecurity pundits opine threat actors view extortion of exfiltrated data to be more attractive extremely alarming trend where novice threat actors, lacking the sophistication or time ransomware variants on the Dark Web from proven operators. Think of RaaS as pay-fornecessary code and operational infrastructure to launch and maintain a ransomware campaign event your bank’s cybersecurity safeguards fail, it is critical that you have an incident should clearly outline what procedures to enact during a threat. It should include your your insurance provider’s breach response services and clearly outline the responsibilities Regular testing and updating of the plan is highly recommended as threats evolve. techtarget.com/searchsecurity/feature/Ransomware-trends-statistics-and-facts information or to view this SafeAlert® online. To subscribe to SafeAlert, request reprints or if or articles, contact marketing@abais.com or 800-274-5222. which may actually arise, and the terms, conditions, exclusions, and limitations in any policy in effect at that made that any specific insurance coverage applies. This information provides guidance and is not intended local laws, rules or regulations. ABA Insurance Services Inc. (“ABAIS”) does not warrant that all potential can be controlled. The liability of ABAIS and its affiliates is limited to the terms, limits and conditions of the ABA Insurance Services Inc. dba Cabins Insurance Services in CA (CA license #0G63200), ABA Insurance Insurance Agency Inc. in MI. 3401 Tuttle Road, Ste 300, Shaker Hts, OH, 44122 012023.SA20

While losses from ransomware are nothing new, a few emerging trends need to be addressed that distinguish the current threat landscape from the environment of only a few years ago. Also, what best practices may mitigate your exposure?

Staff awareness and education are critical as people are the most vulnerable entry point for training that emphasizes the latest attack vectors is your best protection. is an authentication method that requires users to provide two or more verification going beyond standard username and password log in requirements. MFA is a core hygiene and should be part of your bank’s security protocol.

Supply Chain Attacks are those where threat actors target critical supply chain vendors, hoping to inflict serious financial and reputational damage to the many companies downstream of that vendor. By increasing their “blast radius” and creating major disruption, criminals seek to maximize ransom amounts and increase their odds of getting paid. For example, a 2021 ransomware attack affected at least 1,500 customers of an IT service provider. Another highly publicized event, the 2020 SolarWinds hack, affected over 18,000 users of their system management software.

Intermittent Encryption is the process of only partially encrypting files. It is designed to increase the speed of a malware attack, thereby increasing the odds the malware will avoid detection by security software.

Double Extortion is a particularly concerning situation where threat actors gain additional leverage over their

Be aware of emerging Ransomware victims by both encrypting your system and exfiltrating sensitive information such as PPI of your customer base. The hackers then threaten to release the data if they are not paid.

Cybersecurity has been a key concern for banks for many tactics. 85% of community bank executives cited cybersecurity conducted by the Risk Management Association. While losses from ransomware are nothing new, this SafeAlert distinguish the current threat landscape from the environment practices that may mitigate your exposure.

The potential reputational damage to your bank has the potential to be a greater threat than your encrypted system. Cybersecurity pundits opine threat actors view extortion of exfiltrated data to be more attractive than mere ransomware.

Supply Chain Attacks are those where threat actors target critical and reputational damage to the many companies downstream major disruption, criminals seek to maximize ransom amounts ransomware attack affected at least 1,500 customers of an IT SolarWinds hack, affected over 18,000 users of their system Intermittent Encryption is the process of only partially encrypting attack, thereby increasing the odds the malware will avoid detection Double Extortion is a particularly concerning situation where encrypting your system and exfiltrating sensitive information such release the data if they are not paid. The potential reputational than your encrypted system. Cybersecurity pundits opine threat than mere ransomware.

Ransomware as a Service (RaaS) is an extremely alarming trend to develop their own code, purchase ransomware variants on use malware. It provides the necessary code and operational against your bank.

Steps to Mitigate Ransomware

Ransomware as a Service (RaaS) is an extremely alarming trend where novice threat actors, lacking the sophistication or time to develop their own code, purchase ransomware variants on the Dark Web from proven operators. Think of RaaS as pay-for-use malware. It provides the necessary code and operational infrastructure to launch and maintain a ransomware campaign against your bank.

 Security Awareness Training. Staff awareness and education cyber-attacks. Regular, ongoing training that emphasizes  Multifactor Authentication. MFA is an authentication method factors to gain system access, going beyond standard username component of proper cyber hygiene and should be part of

 Incident Response Plans. In the event your bank’s cybersecurity response plan in place. The plan should clearly outline what internal IT resources as well as your insurance provider’s of the various team members. Regular testing and updating Source: techtarget.com/searchsecurity/feature/Ransomware-trends-statistics-and-facts

Steps to Mitigate Ransomware

 Security Awareness Training. Staff awareness and education are critical as people are the most vulnerable entry point for cyber-attacks. Regular, ongoing training that emphasizes the latest attack vectors is your best protection.

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 Multifactor Authentication. MFA is an authentication method that requires users to provide two or more verification factors to gain system access, going beyond standard username and password log in requirements. MFA is a core component of proper cyber hygiene and should be part of your bank’s security protocol.

 Incident Response Plans. In the event your bank’s cybersecurity safeguards fail, it is critical that you have an incident response plan in place. The plan should clearly outline what procedures to enact during a threat.

It should include your internal IT resources as well as your insurance provider’s breach response services and clearly outline the responsibilities of the various team members. Regular testing and updating of the plan is highly recommended as threats evolve.

Source: https://www.techtarget.com/searchsecurity/feature/ Ransomware-trends-statistics-and-facts

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The facts of any potential claims situation which may actually arise, and the terms, conditions, exclusions, and limitations in any policy in effect at that time, are unique. Thus, no representation is made that any specific insurance coverage applies. This information provides guidance and is not intended as a legal interpretation of any federal, state or local laws, rules or regulations. ABA Insurance Services Inc. (“ABAIS”) does not warrant that all potential hazards or conditions have been evaluated or can be controlled. The liability of ABAIS and its affiliates is limited to the terms, limits and conditions of the insurance policies issued by ABAIS. © 2023 ABA Insurance Services Inc. dba Cabins Insurance Services in CA (CA license #0G63200), ABA Insurance Services of Kentucky Inc. in KY and ABA Insurance Agency Inc. in MI. 3401 Tuttle Road, Ste 300, Shaker Hts, OH, 44122 012023.SA20