How to defend your bank from ransomware

April 1, 2020 — Cybercriminals are taking advantage of ransomware’s low barrier of entry to compromise data and networks from banks, service providers and even customers. But experts say community banks can protect themselves with education, data management and security procedures.

Ransomware attacks continue to occur at an alarming frequency because attackers know they are effective, and they know that if a system is successfully compromised, a victim will generally pay the ransom, according to Robert Capps, vice president of market innovation for NuData Security, a Mastercard company in Vancouver, Canada. “Largely, [attackers] are getting better at targeting and response rates,” Capps says. “They are crafting more convincing messages to convince someone to open the message and take an action. We’ve seen more thought put into sending attacks to specific organizations and individuals, instead of blanketing an entire list of email addresses.
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