CloudSEK has identified an increase in cyber threats targeting the banking sector in 2022, as compared to the same period in 2021. The stakes are high when threats are poised in this sector. The severity of the impact is primarily due to the significant economic upheaval at stake when banks and financial institutions are impacted.

Digitalization and ubiquitous banking services have accelerated the growth of threats against the banking sector. The unprecedented growth of blockchain and cryptocurrency has further given threat actors access to the sector like never before. This coupled with newer and evolving phishing mechanisms have given access to targeting the banking industry with new and improved TTPs. The scattered nature of stakeholders also makes the Banking and Finance Industry a risky proposition.

CloudSEK’s investigation has led us to believe that the majority of cyber incidents in 2021 & 2022 were focused differently. 2021 targeted banking entities on a global scale and North America with equal fervor. In 2022, Global level attacks were identified to be the most preferred arsenal and there was observed a shift in interest towards Asia vis a vis North America. Incidents focusing on Europe, South America & Middle East have also reported an upsurge in 2022.

India has been at the forefront of attacks targeted at the Asian region. 7.4% of the targeted attacks in the year 2022 were targeted towards the Indian Subcontinent. Whether it is on account of  Nationalized banks, Crypto exchanges or wallets, NBFCs, or Credit card information leaks, India has emerged to be the newfound hotbed for cyberattacks in Asia. It can be attributed to the growing digitalization and online banking systems that were catapulted during the pandemic.

Overview of the Cyber Attacks Targeted at the BFSI Industry & Its Users

• CloudSEK Digital Risk Protection‘s findings indicate that several cybercriminals are actively leaking databases, accesses, vulnerabilities/ exploits, and other information belonging to banking institutions, on cybercrime forums.
• Databases and accesses are the most commonly sought-after data types. The databases leaked from banking entities primarily contain:
• Personally Identifiable Information (PII) of account holders, including name, date of birth, email address, phone number, and physical address.
• Website user records and credentials
• Credit Card Information