April 26, 2024
Biden Administration Enacts Overtime, Non-Compete Changes
By Sam Larson Vice President of Government Affairs The Biden Administration this week enacted two significant employment-law changes…
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Key insights
Help protect your organization from cybersecurity risks
In light of the failures and strains in the bank industry, organizations should be alert for cybercriminals looking to exploit this uncertainty to commit criminal activities.
Watch for social engineering and phishing attacks
An organization’s most valuable assets are at risk: data and reputation. The criminals want the data and will try to damage reputations to get it.
The most successful method of attack continues to be social engineering. Phishing attacks often provoke emotional responses, which may cause the target to not think critically.
Uncertainty around financial markets could lead reasonable individuals to click a link in an email that says their bank is closing or their account has a zero balance. These links could lead to a spoofed website where they may be asked to enter usernames, passwords, or to download a malicious file. These files may contain malware that could setup a backdoor from the target’s computer where the cybercriminal could run commands remotely.
Be on the lookout for suspicious phone calls
These criminals also may call a financial institution pretending to be a representative from a government regulator requesting sensitive or private information or try to get the target to break other security protocols. In this attempt, the attacker could then use this information, or unauthorized access, to perpetrate a deeper attack.
Cybercriminals also may email or call a customer pretending to be a representative from the financial institution informing them of a branch shutdown and demanding sensitive or private information.
In times of high stress, cybercriminals will leverage news platforms, social media applications, email, and business websites to identify targets and develop new and uncommon attack methods.
Take steps to help protect your organization from cyber threats
To counter the risks of social engineering, consider these steps:
Remember, the cybersecurity risks of tomorrow will not be limited to high-profile bank closures. Cyber threats will continue to test the mettle of organizations across all industries. You’ll need constant vigilance from management, layered security controls, informed customers, and savvy employees to help protect assets and preserve the organization’s reputation.