Ransomware in fintech: Cybercriminals adopt new means as theft gives way to sabotage

VMware released a report which takes the pulse of the financial industry’s top CISOs and security leaders on the changing behavior of cybercriminal cartels and the defensive shift of the financial sector. 

The report found that financial institutions are facing increased destructive attacks and falling victim to ransomware more than in years’ past, as sophisticated cybercrime cartels evolve beyond wire transfer fraud to now target market strategies, take over brokerage accounts and island hop into banks. 

The report also found that once cybercriminals gain access into a financial organization, they’re no longer after wire transfers or access to capital as traditionally assumed.

Cybercriminal cartels are now seeking nonpublic market information, such as earnings estimates, public offerings, and significant transactions. In fact, 66% of financial institutions experienced attacks that targeted market strategies. This modern market manipulation aligns with economic espionage and can be used to digitize insider trading.