Ransomware Attacks on Bank Vendors Rise

There has been a number of ransomware attacks recently on bank vendors including Finastra, Diebold Nixdorf, Cognizant and Pitney Bowes; with more people working from home hackers believe there are gaps in security that might not have existed before, or at least did not exist to the levels it did before; “The pandemic environment has created new opportunities for ransomware attacks on every bank and banking supplier,” said Gary McAlum, Chief Security Officer at USAA, to American Banker; a company called Maze has said their attacks are meant to expose the security lapses in banks systems and “alert people and financial institutions about the poor security.”; the trend was one of the top items according to Aite Group before the pandemic as they said the ransomware was one of the biggest security threats for the year; banks have been making headway in recent years as they have been spending more than many industries on protecting themselves against attacks, coronavirus has added another dynamic which will put them to the test to stay safe. American Banker

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