Cybercrime cartels have studied the interdependences of financial institutions.
A joint advisory has been published by the U.S., UK, Canada, and ANZ warning of malicious cyber activity targeting MSPs and providing guidance on how best to protect against these cyber threats.
VMware’s recent Modern Bank Heists report, referenced this, revealing 60 per cent of financial institutions experienced an increase in island hopping, a 58 per cent increase from last year. Cybercrime cartels have studied the interdependences of financial institutions and now understand which managed service provider (MSP) is used and who the outside general counsel is, as observed by the VMware Threat Analysis Unit. In turn, these organizations are targeted and hacked to island hop into the bank.
If it’s of interest, we have Tom Kellerman, Head of Cybersecurity Strategy at VMware Security available who can discuss:
- Break down how island-hopping works,
- Explain why cybercriminals are targeting MSPs
- Highlight recent data from VMware
Tags: CybersecurityVMWare
