The average cost of a cyberattack in the financial industry is between $4 – $6 million, making it a profitable matter of interest for hackers all over the world. The National Credit Union Administration (NCUA) Board held a webcast in April 2021 about the kinds of emerging threats the industry is seeing and how credit unions can prepare for them.
During the discussion, Chairman Todd Harper said, “Like my fellow Board Members, I am deeply concerned about the risk cyberattacks pose to our financial system.” In this post, we’ll look at how attacks work and what can be done to mitigate them.
The Business of Ransomware
Ransomware has become so profitable that it’s far more like a legitimate business than most people realize. From job postings on the dark web to pyramid schemes for the developers, it’s a mirror of many corporations today.
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