![]() The pandemic has created opportunities for scammers, both leveraging it as part of social engineering lures, as well as actively stealing funds such as furlough payments. Nefarious actors have increased their scanning and exploitation of these for a variety of end goals. These are persistent adversaries with resources to try many vectors to compromise a target.Īs organizations have enabled greater remote working, there has been more exposure of vulnerable, external-facing services. Many attacks are simple but effective, though some groups write and deploy custom tools. Typically low, such as re-use of off-the-shelf tools, basic scripts, or web resources National service, defense or offense against state adversaries, and/or medals and commendations Motivations and Capabilities of Threat ActorsĬuriosity, attention, revenge, social justice, and/or causes Stepping back from this, however, the predominant motivations have not changed (see table 1). Many groups have been capitalizing on the turbulence in order to up their game and exploit their victims. Cyber threat actors have not stood still in this period. But a lot has happened since, most notably the largest-scale public health emergency in a century. Only eighteen months have passed since the last Carnegie FinCyber paper on the cyber threat landscape. The summary of observations and conclusions includes a review of advances in cyber resilience testing schemes. Each section also includes a focus piece describing a particular technology problem. 5 This paper discusses the current landscape from three perspectives: enduring threats, evolving techniques, and emerging challenges. 4 It also builds on a previous cyber threat overview published in March 2019. It is designed to complement Carnegie’s International Cybersecurity Strategy for the Financial System supported by the World Economic Forum. This paper provides an overview of the cyber threat landscape with respect to the financial sector (see figure 1). He is an associate fellow at the London-based think tank Royal United Services Institute and holds a PhD in physics from the University of Oxford. Nish is a renowned expert on nation-state threats to the financial system, with firsthand experience investigating cases of complex intrusions and manipulation of payment systems. His team investigates and tracks high-end cyber threat activity for corporate and government customers around the world. 3 This timeline serves as a useful resource in tracking trends, even though public cases are just the tip of the iceberg and the true volume of incidents and near misses is much greater.Īdrian Nish is the head of Cyber Technical Services at BAE Systems’ Applied Intelligence business unit. ![]() BAE Systems in partnership with the Carnegie Endowment for International Peace has documented public examples via the Timeline of Cyber Incidents Involving Financial Institutions. However, cases have increased in recent years as capabilities and specialisms such as network intrusion have advanced. Regulators have been taking increasing notice of these cyber threats, and operational resilience has shot to the top of agendas around the world.Ī few years ago, targeted attacks on financial services sector firms were still relatively rare. 2 Such disruptions not only impact customers of these services, but also undermine the confidence of peers in the financial services community. 1 Elsewhere, the threat from cyber criminals triggered a suspension of automatic teller machine (ATM) transactions overnight, and hackers recently knocked websites associated with a stock exchange offline using distributed denial-of-service (DDoS) attacks. Banks in Chile and Seychelles, as well as financial technology companies like Silverlake Axis, a supplier of core banking systems throughout the Asia-Pacific, are all reportedly victims of separate ransom and extortion attempts. At the time of writing, several financial services firms are working to restore their networks following disruptive cyber attacks.
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