The financial services sector faces a threat landscape that is constantly evolving and fraught with potential risk.
The incredible volume of wealth that moves through financial institutions, along with the critical role the industry plays in national and global economic issues, make this vertical a logical target for both nation-state and criminal cyber threat actors. Threats posed by nation-state adversaries include espionage, destructive and currency theft. eCrime activity—ranging from opportunistic amateurs to highly professional, organized crime groups—is motivated by financial gain, and thus, can be observed wherever money is at stake. Prior to the rise of Big Game Hunting, the primary target for eCrime adversaries had been the consumer or individual, which often resulted in an indirect impact to the sector. However, BGH ransomware operations are now consistently targeting financial entities, posing a pervasive threat. Targeted eCrime actors, which refers to a subset of actors specifically target FIs in order to obtain large sums (for example via wire fraud or ATM cash-outs), also continue to focus their operations on financial entities.