As the impact of COVID-19 leads cybercriminals away from attacking targets in the healthcare and retail sectors, it seems their attentions have been turned to financial institutions instead, according to threat researchers at Carbon Black. Cyber-attacks on banks and other financial institutions accounted for the majority (52%) of all attacks observed in March – up 38% from the figure recorded in February.
The research tracked similarly sharp changes in the number of attacks recorded in the healthcare and retail sectors, with retail accounting for 31% of attacks in February, but just 1.6% in March.
There is no doubt that threat actors will be attempting to exploit weaknesses in the current situation – trying their luck and hoping that financial institutions will have taken their eye off the ball.
Companies have inevitably had to change tact and adapt to their new surroundings, which often leads to security being pushed further down the list of priorities – and in doing so provides attackers with a chance. With such a change in environment, cybercriminals have naturally targeted any new weaknesses, and are unlikely to stop doing so until security is back as a number one priority.
The majority of people affected by attacks like these will be covered, and are unlikely to lose out immediately, but the banks may need to cover costs from any damage caused, which may result in knock-on costs to the customer.