Financial malware more than twice as prevalent as ransomware

While ransomware continues to make the headlines, particularly in the wake of WannaCry, research has revealed that financial threats are 2.5 times more prevalent

Although crypto ransomware is becoming a common choice for cyber criminals, there is still a significant amount of malware targeting financial organisations and their customers, Symantec has warned.

In 2016, attacks saw several such institutions lose millions to cyber criminals and nation state-supported attackers such as the Lazarus group, Symantec research has revealed.

Attacks against financial institutions are on the rise, with the emergence of a handful of sophisticated cyber crime groups going after financial institutions themselves rather than customers last year.

Researchers found that 38% of all financial threat detections were against corporations rather than consumers. Even though such attacks are harder to carry out and take longer to prepare, they yield a much higher profit, the report said.

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