Financial services firms smashed. Print article
Credential stuffing jumped by 45 per cent in one year. Photo: Shutterstock
Banks, investment firms and other financial services and insurance (FSI) companies suffered from a massive boost in cybercriminals’ attention during 2020, according to a new analysis that identified 3.4 billion credential-stuffing attacks targeted at FSI firms alone.
That included a 45 per cent year-on-year jump in credential stuffing – in which cybercriminals use stolen login credentials to access key business applications – and saw FSI companies copping up to 47.7 million credential-stuffing attacks in a single day.
“We saw an overall increase in every single area of our coverage with customers,” Akamai APJ head of security technology and strategy Fernando Serto told
January 25, 2021
Reuters
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Premium Content Eastern bloc hacking cartels are extracting more than one billion dollars a year from Australian businesses in a criminal enterprise so successful the gangs are now recruiting affiliates, hiring call centres, and branching into extortion. Ransomware attacks have soared in Australia in 2020 and the price of ransoms has grown even faster, experts warn, with criminals now demanding several hundred thousand dollars from firms with no room for negotiation. And despite growing demands, one in three Australian business owners are paying up to salvage their livelihoods - a figure that rises to 80 per cent of companies with cyber insurance.