Modern bank heists: How can they be thwarted?

In this video for Help Net Security, Tom Kellermann, Head of Cybersecurity Strategy at VMware, talks about threats against financial institutions and the findings of the Modern Bank Heists 5.0 report.

There has been a dramatic uptick of attacks, not just specific to spearphishing, but attacks against APIs, attacks where ransomware was distributed inside infrastructure because of the presence of remote access trojans, island hopping, etc.

Wired transfer fraud and brokerage fraud are up, and 2 out of 3 institutions suffered from attacks aimed at stealing non-public market information.

In addition to that, there has been a surge in counter incident response. More and more adversaries are manipulating the value of time, to not only obfuscate their presence on systems and the logs they’re in, but also manipulate to their market positions as a whole.

Watch the video to find out what financial institutions are doing to protect themselves against these attacks.