Panda Security Releases Whitepaper on Cybercriminal Activity in the Banking Sector

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”Survival Guide for Million-Dollar Cyberattacks” analyzes the main tendencies of cybercriminal activity in the banking sector, and offers recommendations on how to avoid advanced attacks on users of online banking platforms and on the banks themselves; International organizations are proposing actions to reinforce banks against cyberattacks in the face of increased attacks on the SWIFT network, with a 20% success rate for cyberheists; The use of malware for Android will rise among cybercriminals, increasing the number of victims of phishing or banking Trojans.

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PandaLabs, the antimalware laboratory at Panda Security today announced the release of their latest whitepaper, “Survival Guide for Million-Dollar Cyberattacks.” The whitepaper takes an in-depth look at cybercriminal activity, and makes cybersecurity recommendations for the banking sector.

A new phase in cybertheft

For more than a decade, attacks were aimed at the weakest link in the chain: the end user of online banking services. However, a new phase in cybertheft is beginning — attackers are stealing money directly from banks themselves, a tactic that brings in far greater sums of money, and in one fell swoop. The most striking case was the multi-million dollar cyberattack suffered by the Central Bangladesh Bank, a member of the SWIFT network, in which attackers succeeded in infecting the system and robbing the bank of $81 million. SWIFT reports that 20% of attacks perpetrated on their network resulted in financial success for the attackers.

To reinforce financial systems as much as possible, the European Union plans to carry out specific tests for the first time across the entirety of the European framework.

Evolution towards smartphone malware

The first attacks in this sector arose in the form of phishing and banking Trojans, with the aim of stealing the identity of victims in order to drain their accounts. Increasingly, online banking is carried out on smartphones. The variants of banking Trojans created specifically for these devices have multiplied accordingly.

Recommendations

Despite being a sector that uses the very best anti-malware solutions, advanced attacks can still compromise large amounts of sensitive information at financial institutions. Panda Security’s corporate security solution, Adaptive Defense, protects the data and sensitive information of financial institutions and their clients, detecting data leaks whether they come from malware or from the bank’s own employees. This is considered to be one of the most valued abilities in the sector.

To download the full whitepaper click here.

About Panda Security
Panda Security is the leading Spanish multinational in advanced cybersecurity solutions and in systems management and monitoring tools. Since its inception in 1990, it has consistently maintained a spirit of innovation and marked some of the most important advances in the world of cybersecurity.
Currently, the development of advanced cybersecurity strategies is the core of its business model. Panda Security has a presence in more than 80 countries and products translated into 23 languages, with over 30 million clients worldwide.

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Tim Hamilton
Panda Security
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