Victims Of Cyber Attacks Spot New Attacks Far Quicker
According to research carried out by FireEye Mandiant which analysed hundreds of cyber breaches globally, discovered that the time between a security breach to identification of a breach (the dwell time) had reduced significantly from a month to just 24 days for the very first time.
However when having delved deeper into their findings they discovered that in part the reason why the dwell time had reduced so significantly was actually due to Ransomware attacks. Once Ransomware got into the system it instantly encrypted all the files and demanded ransom payments in return for restoring that network or PC, therefore instantly making the individuals aware of the attack.
FireEye Mandiant expects us to see an increase in these forms of attacks from here-onin as they are favoured by cybercriminals due to the ease, speed and financial gains achieved while going undetected.
How Safe Is Your Bank and Bank Account?
A study by Deloitte at the end of last year showed that financial institutes spent approximately 11% of their budgets on cybersecurity, however with rise in attacks the average cost last year to protect against these breaches rose to almost $9 million each, and the budgets are rising in order to protect the onslaught in attacks.
However as we have seen cybersecurity and the many different types of attacks have evolved rapidly in the last 10 years, so, are banks still doing the right things to protect themselves?
Banks are understandably one of the most targeted and usually by some of the most advanced forms of attacks, where they were able to protect themselves before by making updates and closing off the pathway in, cybercriminals can now simply alter there TTPs (Tactics, Techniques and Procedures) and bypass the new line of defence within hours, so more really does need to be done by the banking system to better protect itself and your money.
Though a solution to the problem of being proactive as opposed to being reactive to the situation has yet to be discovered, security experts are looking at ways that AI could keep a constant eye on any unusual activity or to help discover doorways into the site and to block them off before any damage can occur.