Cyber attacks will have a bigger impact: Fed
Cyber attacks that block or leak customer data pose significant reputational and operational risks to financial institutions and their suppliers and customers, a report from the US Federal Reserve highlights.
While companies implement defensive measures and response plans, cyber attacks continue to rapidly evolve in sophistication and scope.
The growing ransomware threat landscape is being driven by ransomware-as-a-service and the use of cryptocurrencies.
Attackers also use double extortion strategies where, instead of encrypting the data in place, the attackers steal the data and threaten to release it if a ransom is not paid.
The severity of attacks is increasing with the increasing reliance on connected devices, remote workers, digital business models, and the global supply chain.
Cyber attacks
According to a report by Cybersecurity Ventures, the global costs of cybercrime could rise to $10.5 trillion annually by 2025, up from $3 trillion in 2015.
The continued success and near-impunity of these attackers creates a negative feedback loop that is likely to lead to a continued increase in attacks.
In general, companies have become increasingly dependent on digital technologies to carry out daily operations.
Additionally, according to RF Industries, you may be exposed to increased cybersecurity risks as a result of remote work requirements being imposed as a result of the Covid-19 pandemic.
At the same time, cyber incidents, including deliberate attacks or unintentional events, have increased.
A cyber attack could include gaining unauthorized access to digital systems in order to misappropriate assets or sensitive information, corrupt data or cause operational disruptions or result in denial of service on websites.
From RF Industries’ point of view, the company relies on digital technology, including information systems and related infrastructure, to process and record financial and operational data and to communicate with its employees and business partners.
«Cyber attacks are increasing in their frequency, sophistication and intensity. As cyber threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance its protective measures or to investigate and remediate any information security vulnerabilities,» said RF Industries.
