Contrast Security (Contrast), the code security platform trusted by security and built for developers, has just released its “Cyber Bank Heists Report” where it issued a warning to global financial institutions to make cyber security their top-of-mind issue.
The warning came amid rising geopolitical tensions, increased destructive attacks that utilize wipers, and a record-breaking year of zero-day exploits. The “Cyber Bank Heists Report” is an annual report that exposes cybersecurity threats now facing the financial sector.
Authored by Tom Kellermann, Contrast’s Senior Vice President of Cyber Strategy, the report was based on a series of interviews with financial sector security leaders all over the world, including the Philippines, so as to reveal specific trends when it comes to notable cyberattacks, e-fraud, and cyber defense.
Some of the most eye-opening results from the report include:
- 60% were victimized by destructive attacks
- 64% saw an increase in application attacks, while 50% experienced attacks against their APIs
- 48% experienced an increase in wire transfer fraud
- 50% have detected campaigns to steal non-public market information
- 54% of the banks were most concerned with the cyber threat posed by Russia
- 72% plan to invest more in application security in 2023
In the same report, global financial sector leaders also revealed the top attack vectors, cyber trends, and the evolution of cybersecurity strategies that can help deter these attacks.
“The increase of online threats, phishing, ransomware attacks, account takeovers, and business email compromises impacting the financial sector is growing every day and we can see in real-time the damage that this is doing to the longevity of businesses and the impact it’s having on the economy,” said Derek Booth, head of the Mountain West Cyber Fraud Task Force.
“I applaud Tom Kellermann for speaking with some of the most influential people within the sector to determine solutions that can better protect FIs against vulnerabilities in banks and methods of commerce through industry-wide transparency,” he added.
Kellerman, for his part, said, “The financial sector needs to shift its thinking when it comes to attacks, as geo-political tensions have started to manifest via cyberattacks. Cybercrime cartels are modernizing their criminal conspiracies so as to steal non-market information and destroy the integrity of sensitive data within financial institutions.”
“Thus, cybersecurity can no longer be viewed as an expense but rather as one of the functionalities of conducting a business. Trust and confidence in the safety of FIs depend on effectively mitigating and responding to cyberattacks,” he added. “It is no longer a question of duty of care, but rather, a duty of loyalty to the digital safety of customers. This is why the Cyber Bank Heists report not only highlights trends but also depicts countermeasures that can help institutions defend from within.”
The complexity of securing financial digital systems and the need to develop new ways to guard against sophisticated cyberattacks has increased exponentially in the last year. In response, financial institutions all over the world are now fighting to evolve and create more effective cyber prevention, detection, and response to these damaging attacks.
Safer Internet Day
In the Philippines, Google recently celebrated “Safer Internet Day” by coming up with its own list of trends to help remind families and small businesses about the importance of cyber security and online safety.
According to Google, the Philippines was ranked among the top 3 nations globally in searches in 2022 for “Computer Virus” and “Computer Emergency Response Team.” The country also recorded a decade-high search interest for “Computer Virus” last year.
The same list also noted that the Philippines was among the top 5 nations globally in searches for topics such as “Phishing,” “Trojan Horse,” “Privacy,” “Private Browsing,” “Identity Theft,” “Malware,” “Internet Safety,” “Cyber Bullying,” and “Email Spoofing.”
These search trends reveal a heightened concern for online safety among Filipinos. To support its goal of a secure online environment for all, Google has since introduced multiple security measures and features to secure accounts and protect them against malicious actors.
“Keeping people safe online is so important to Google. We deliver on this commitment by providing safe and secure products to help people get the best of technology. Every Google product is secure by default with security and protections built-in for everyone,” said Mervin Wenke, the Head of Communication and Public Affairs at Google Philippines.
For a safer internet browsing experience, Wenke says it’s ideal to use Google Chrome. Just always ensure there is a grey locked icon in the URL field to indicate a secure connection. “Also, make sure the sites you visit include HTTPS, which confirms that your browser or app is securely connected to the website you’re visiting,” he adds.
Globally, Google protects Gmail users from nearly 15 billion unwanted messages a day, blocking more than 99.9% of spam, phishing, and malware.
In the first half of November alone, Google reports that it has blocked over 231 billion spam and phishing messages globally which is 10% higher than the average volume. Today, Wenke says over 5 billion devices are automatically being protected by Google’s Safe Browsing technology.