{"id":40645,"date":"2021-04-28T19:46:00","date_gmt":"2021-04-28T19:46:00","guid":{"rendered":"https:\/\/www.darkreading.com\/attacks-breaches\/74--of-financial-institutions-see-spike-in-covid-related-threats\/d\/d-id\/1340850"},"modified":"2021-04-28T19:46:00","modified_gmt":"2021-04-28T19:46:00","slug":"74-of-financial-institutions-see-spike-in-covid-related-threats","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/74-of-financial-institutions-see-spike-in-covid-related-threats\/","title":{"rendered":"74% of Financial Institutions See Spike in COVID-Related Threats"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/img.deusm.com\/darkreading\/dr_staff_125x125.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<header><\/header>\n<p><span class=\"strong black\">Financial losses have also increased among organizations in the last year, with the average cost reaching $720,000.<\/span><\/p>\n<p class>Financial institutions are hit hard by COVID-related cybercrime, according to new research from BAE Systems Applied Intelligence.<\/p>\n<p>The index surveyed 902 organizations in the financial services sector and found&nbsp;74% of respondents&nbsp;have experienced a rise in cybercrime since the pandemic began, with 42% of banks and insurers saying the remote working model has made them less secure.<\/p>\n<p>&#8220;We&#8217;re noticing a clear collaboration emerging between different groups of criminals across the wider landscape of serious and organized crime,&#8221; says Adrian Nish, Head of Cyber at BAE Systems Applied Intelligence, in a release. &#8220;Fraudsters and cybercriminals seek to exploit fear, uncertainty and change, and the pandemic has offered them new opportunities to probe for weaknesses they can monetize and new ways to disguise their activity.&#8221;<\/p>\n<p>Among the financial institutions that have experienced a rise in threats, 35% saw an increase in botnet attacks, ransomware and phishing attacks. Mobile malware was up 32% and COVID-related malware rose 30% in the sector.<\/p>\n<p>The research also finds 56% of financial institutions have seen a rise in financial losses associated to fraud or cybercrime in last 12 months, with the average cost reaching $720,000 and rising.<\/p>\n<p>A detailed breakdown of the research can be found&nbsp;<a href=\"https:\/\/www.baesystems.com\/en-us\/article\/covid-cyber-crime--74--of-financial-institutions-experience-significant-spike-in-threats-linked-to-covid-19\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\n<p><span class=\"italic\">Dark Reading&#8217;s Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. <a href=\"https:\/\/www.darkreading.com\/author-bio.asp?author_id=2179\">View Full Bio<\/a><\/span><\/p>\n<p><strong>Recommended Reading:<\/strong><\/p>\n<p><span class=\"smaller strong red allcaps\">More Insights<\/span><\/p>\n<p>Read More <a href=\"https:\/\/www.darkreading.com\/attacks-breaches\/74--of-financial-institutions-see-spike-in-covid-related-threats\/d\/d-id\/1340850?_mc=rss_x_drr_edt_aud_dr_x_x-rss-simple\">HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial losses have also increased among organizations in the last year, with the average cost reaching $720,000. Read More <a href=\"https:\/\/www.darkreading.com\/attacks-breaches\/74--of-financial-institutions-see-spike-in-covid-related-threats\/d\/d-id\/1340850?_mc=rss_x_drr_edt_aud_dr_x_x-rss-simple\">HERE<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[151],"tags":[],"class_list":["post-40645","post","type-post","status-publish","format-standard","hentry","category-darkreading-ti"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>74% of Financial Institutions See Spike in COVID-Related Threats 2026 | ThreatsHub Cybersecurity News<\/title>\n<meta name=\"description\" content=\"ThreatsHub Cybersecurity News | ThreatsHub.org | Cloud Security &amp; Cyber Threats Analysis Hub. 100% Free OSINT Threat Intelligent and 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