The growing threat of cybercrime has driven finance firms to increase intelligence sharing by 60%, new research has revealed.
According to cyber intelligence services cyber intelligence group FS-ISAC, the growth was seen among its member firms between August 2020 to August 2021. The increase occurred across all regions, including North America, Europe, and the UK.
The company claimed that the increase was driven by supply chain and ransomware threats, along with several high-profile, large-scale attacks.
“With the increase in sophisticated cross-border cybercriminal campaigns against the financial sector and its supply chain, sector-wide global collaboration has become a risk management imperative,” said CEO of FS-ISAC Steven Silberstein.
“Intelligence and best practice sharing across our community and platforms has reached new heights, spurred by the high-profile events of the last 12 months. We commend the members who go above and beyond to protect the financial system at large.”
In addition to helping detect and prevent cyberattacks, FS-ISAC noted that sharing by larger financial institutions based in markets with stricter and more comprehensive regulation helps strengthen the cybersecurity programmes of smaller or less resourced firms around the world, benefitting the full financial ecosystem.
“American Express is deeply interconnected with the other players in the global financial system,” said Chief Information Security Officer at American Express Fred Gibbins.
“We believe it is our critical responsibility to share intelligence and best practices with our peers to help the industry to protect and defend against emerging cyber threats.”
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The threat posed by cyberattacks has grown significantly in the last few years. One report warned that there had been a 485% surge in ransomware attacks in 2020. And another said that the UK has been hit by 14.6 million ransomware attacks so far this year.
The cybercrime industry has also matured, with competent and skilled threat actors using proven tools. They are increasingly targeting large organisations in search of big paydays, putting financial institutions in the crosshairs.
All this means that cybersecurity is a growing concern for financial services. The average bill for a victim of a ransomware attack in the finance sector is now around $2 million. This is on top of the reputational damage caused by having data exfiltrated.
With companies allocating greater resources to fighting cybercrime, coordinating intelligence helps defend against cybercrime efficiently, saving costs.
“Meaningful threat intelligence gives our security team at IAG an advantage over the attackers and reduces cyber risk,” said Threat Analytic Cell Manager at IAG Craig Hall.
“Recently, we were able to identify a threat actor who methodically attacked Australian financial institutions in alphabetical order throughout the day.
“By sharing the criminal’s tactics, members throughout the region knew when they were likely to get hit and were therefore able to defend against attacks.”