The US financial services division of the Industrial and Commercial Bank of China (ICBC), the world’s largest financial institution in terms of assets, has fallen victim to ransomware.
This attack highlights the vulnerability of banks, prompting Finma, the Swiss financial markets authority, to issue a warning about cybersecurity risks.
Banks have a huge attack surface, use ageing IT systems and are highly interconnected. They are prime targets for hackers.
Finma recently published its “Risk Monitoring 2023” study, noting that cybersecurity risks remain among the most significant for the Swiss financial sector.
Hackers are becoming increasingly sophisticated and are using ever more advanced techniques to attack. It is therefore becoming urgent for banks to establish their risk profile, their critical assets and to validate their controls in order to strengthen their defences against these cyber attacks.
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