74% of Financial Institutions See Spike in COVID-Related Threats
According to new research conducted by BAE Systems Applied Intelligence, 74% of financial institutions have witnessed a spike in cyber threats. Financial losses have also increased among organizations over the past year, with the average cost totaling $720,000. BAE Systems surveyed 902 organizations in the financial sector to conduct the research, determining that the rise in cybercrime since the pandemic began may be motivated by insecure remote working models.
BAE Systems Applied Intelligence asserted that cybercriminals were leveraging fears surrounding the Covid-19 pandemic to target these financial institutions. Among those that had witnessed an increase in threats, 35% identified an increase in botnet attacks, ransomware, and phishing attacks. According to the survey, 32% reported an increase in mobile malware. The research also found that 56% of financial institutions also saw a rise in financial losses related to cybercrime.