Ransomware attacks: Digital Money Snatching from Financial Sectors!

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“1989-2022 long journey of ransomware”

Ransomware attacks are harming big firms with a great loss. Attackers are getting the best facilities, techniques, and resources. This helped attackers target many sectors of the financial market. A report from VMware’s Modern Bank Heists 5.0 says cybercriminals have switched from wire transfer to market ransomware data. The situation now is complicated. It seems like vegan changed to omnivore. Wasn’t hacking wire transfer enough that they have switched to this methodology?

The report doesn’t end here. There’s a lot to talk about. Whether it’s been public or not that been some cases reported about the ransomware attack. Let’s head back to the original report.

What’s Exactly Happening in the Crime Scene? Ransomware attacks

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63% of the rise in destructive cyberattacks has been reported from financial institutions.	According to the report, 75% of the firms have been caught in a ransomware attack. The most shocking is that 63% of them have paid the amount.	Island Hopping has been raised by a level of 60%.	Timestamp manipulation has caught 67% of financial firms off-guard aka Chronos. 44% of which have targeted market positions.	Two firms have suffered losses because of an attack taken in action to steal siphon data related to market strategies.

Get Control Of It In Time. Why? Ransomware attacks

The world has advanced but not so much in providing security to the system connected to the internet. This vacuum creates a loophole for cybercriminals to barge into systems and hacks them as they please.
Why do they do something hideous like this? The reason is money. We mean to say like – who wouldn’t want to get rich as soon as possible. Digital money gives the attacker more motivation to get money in various ways.
The report expresses that the more attacker gets access to the system the more they’ll extract data from it. Such confidential data can involve – large transactions, earning estimates, and public offerings.

Situations Can Be Like

A ransomware attack is far scarier than a daylight robbery because the attacker can ask for any amount in return for the data he/she has stolen. The reason is pretty simple and that is the non-public market data is too confidential to be publically exposed. You can either protect it or keep it low, or you might have to pay a big amount for some random ransom. Sounds chilly right?
Cooperate strategies are the big cards businessmen use to manipulate the share prices. If the information goes out, the impact will be much more critical than you can expect. It can plague the whole market, and cross paths with digitized insider trading, and front-run market.
Seizing brokerage accounts is getting in their sights. They might try to sell or buy securities at a far lower rate.

What should you do?

Even though the firms are getting to understand “online security is important” they are not getting enough closure to the actual thing. Cybercriminals are getting to their goals while keeping a low profile, so it’s becoming challenging to get a hold of it. Now, what to do? There’s a lot to do that you can try. Collaborate with the cybersecurity community. Learn how to harden your shield against online threats.

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