The damage caused by cyberattacks is skyrocketing along with the increased societal dependence on technology, with damages estimated to reach $6 trillion annually by 2021, according to Cybersecurity Business Report. To combat this, more and more money is being spent on cybersecurity with an expected $1 trillion being doled out between 2017-2021!
Whether the attacks are up in the clouds or malware in a credit union employee’s laptop or mobile device, credit unions must hold themselves and their business partners accountable. To do that, credit union executives should be well-versed in the trending cyberthreats so they can speak intelligently with their IT team and third-party providers.
Malware is software that is intended to disable or damage computers or computer systems. The most common types of malware are cryptomining malware, ransomware, banking malware and mobile malware.
One of the many criteria we ask credit unions to rank their mobile banking vendors on is security. Learn more at CUCollaborate.com.
Cryptomining malware is a newer term, according to Webopedia, for software designed to take control of a computer and use it for cryptocurrency mining purposes to expand the miners reach exponentially. Commonly used cryptomining malware in the Americas, according to Checkpoint Research’s Cyberattack Trends 2018 Mid-Year Report, include Coinhive, Cryptoloot, JSECoin, XMRig, AuthedMine and RubyMiner.
Ransomware is software that threatens to release the user’s data or permanently block usage if a ransom is not paid. Popular ransomware programs in the Americas include Locky, WannaCry, Cryptolocker, Razy, GlobeImposter and Nymaim, according to Checkpoint.
Banking malware is software that obtains confidential information about customers and clients using online banking and payment systems. According to Checkpoint, the most commonly used types of banking malware in America are Ramnit, Dorkbot, Zues, Qbot, Tinba and Cridex.
Mobile Malware is software that targets mobile devices that results in the collapse of a system and the leakage or loss of confidential information. The most common programs include Triada, TheTruthSpy, LokiBot, Lotoor and Hiddad, Checkpoint reported. The most common cyberattacks in the Americas occur on mobile devices. Mobile accounts for 36% of cyberattacks. One-third of attacks in the America’s are cryptominers, while another 16% are specifically banking attacks. Ransomware rounds out the list at 10%.
To defend against these cyberattacks be proactive against malware and ransomware. Consider implementing artificial intelligence and computer learning to increase protection efficiency. Also be sure to work with your business partners to ensure their security systems are up to the challenge. While these steps may be expensive and time consumer, they are not nearly as expensive as the financial or reputational costs to your institution if you allow your member data to be breached.