"Financial Industry Faces Soaring Ransomware Threat"

According to cybersecurity provider SOCRadar, the financial industry has been facing a surge in ransomware attacks over the past few years.  SOCRadar noted that this trend started in the first half of 2021 when Trend Micro saw a staggering 1318% increase in ransomware attacks targeting banks and financial institutions compared to the same period in 2020.  Sophos also found that over half (55%) of financial service firms fell victim to at least one ransomware attack in 2021, a 62% increase from 2020.  SOCRadar noted that although such large numbers have not yet been observed for the past two years, the increase continues.  SOCRadar said the financial industry was the seventh most targeted sector by ransomware actors in the first half of 2023.  The industry has already suffered more attacks in six months than in 2022.  The company noted that not only is the frequency of attacks increasing, the sophistication and scope of ransomware attacks targeting banks have grown alarmingly in recent years.

Infosecurity reports: "Financial Industry Faces Soaring Ransomware Threat"