Hackers Are Targeting U.S. Banks, And Hardware May Give Them An Open Door

Hackers Are Targeting U.S. Banks, And Hardware May Give Them An Open Door

Posted March 17, 2021

Hackers Are Targeting U.S. Banks, And Hardware May Give Them An Open Door

  • A new report for China Tech Threat identifies that financial organizations have become the prime target of cyber attack, which a morass of government agencies and policies tasked with cyber-defenses have done little to abate.
  • An analysis in 2015 found that financial organizations were targeted four times more than other industries. Only four years later, financial firms experienced as many as 300 times more cyber-attacks than other companies.
  • Increasingly attacks are perpetrated by Advanced Persistent Threat (APTs) actors.
  • Unlike an opportunistic cyber-attack, in which the perpetrator seeks to “get in and get out” for some immediate payoff, an effective APT will skirt a system’s security and remain undetected for a prolonged period.
  • Much cybersecurity discourse and practice are focused on software and applications, and while important, these can compel organizations to de-emphasize hardware and physical facilities security.
  • It is well documented that the PRC uses technology to surveille and exfiltrate information. In fact, recent Chinese laws require its citizens and businesses to support the government’s intelligence operations, which include spying, IP theft and technology acquisition.
  • Hardware represents a gaping and exploitable hole the current approach to cyber security… Hardware vulnerabilities can be exploited to completely sidestep software-based security measures.

– Roslyn Layton | March 17, 2021