Banks are threatened by cyberattacks due to remote work of employees

Banks are threatened by cyberattacks due to remote work of employees

The G20 Financial Stability Council published a report assessing the impact of the massive shift to teleworking due to the COVID-19 pandemic on the cybersecurity of banks and other financial institutions.

The cybersecurity systems of banks and other financial organizations around the world, for the most part, were not designed to work remotely. This was used by hackers, who began to attack companies’ weak points with ransomware viruses.

This is stated in the report of the Financial Stability Council (FSB) of the Big Twenty (G20). According to the FSB report, the level of Internet fraud through phishing, malware or ransomware has increased significantly. For example, in February 2020, there were up to five thousand cases per week, and in April 2021 – more than 200 thousand.

The authors of the report emphasize that threats related to remote work remain relevant for banks in the G20 countries, as a significant part of employees of financial companies continue to work from home.

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