Cybercrime cartels & AI attacks are gunning for the financial sector

Contrast’s 2024 Modern Bank Heists report found that cybercrime cartels are launching increasingly sophisticated, destructive and vindictive attacks against the financial sector. Just a few statistics: 74% of participating financial institutions detected campaigns to steal nonpublic market information; 77% experienced attacks against their application programming interfaces (APIs); and 58% experienced counter-incident response, with adversaries disabling cybersecurity agents, manipulating logs or timestamps, or launching distributed denial-of-service (DDoS) attacks to slow the victim's response. In this podcast, Contrast SVP of Cyber Strategy Tom Kellermann and special guest Derek Booth, Assistant to the Special-Agent-in-Charge of the U.S. Secret Service and Head of the Mountain West Cyber Fraud Task Force, discuss cybersecurity threats facing the financial sector and the crucial defenses the financial sector must employ to fight them off.

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