How the Russian/Ukraine situation is impacting cybersecurity

Financial institutions continue to face a myriad of fraud challenges, ranging from payment card fraud, wrongful termination lawsuits, clever scams targeting consumers, all-time-high payment app fraud, and rising cybersecurity concerns as the Russian/Ukraine situation unfolds.

Cybersecurity is Being Impacted by the Russia/Ukraine Conflict

As the geopolitical environment escalates, there will be ripple effects on financial institutions and consumers in the United States. The primary concerns are a drastic uptick in ransomware, or killware attacks and how financial institutions can be prepared for these increased attacks. (Note: Killware is a type of malware that erases data and is meant to destroy networks.)

Recent news further indicates how financial institutions could be greatly impacted by the Russia and Ukraine conflict. The Department of Justice has removed Russian malware that could have created a massive attack on millions of networks simultaneously.  While it’s encouraging that the US disrupted it ahead of time, unfortunately this reveals Russia’s unnerving cyberattack capabilities.

 

continue reading »