Russia has been taking preliminary steps to attack the US financial system, with cyber attacks rapidly on the rise. Banks are a frequent target for cybercriminals, with thousands of attacks occurring each year and countless businesses across the globe falling victim to scams, theft and illegal activity.
Learn more about Russian cyber attacks, and how cyber attacks in the US can affect your organisation.
Are cyber attacks in the US on the rise?
In short – yes. Russian cyber attacks have increased in recent years, and the country’s attacks on Ukraine have only prompted further action to be taken against the US. In fact, Ukraine-related domain name registrations have jumped in recent months, signalling a rise in cyber crime as thieves seek to capitalise on the war and pose as charities collecting relief funds.
It is widely believed that the goal of Russian cyber attacks is to cripple the US banking system, with some of the largest banks constantly under attack, including Citigroup, Bank of America, Goldman Sachs and JP Morgan. Banks are no stranger to cyber criminals, though. Billions of dollars are spent annually to protect from fraudulent activity, but the latest wave of Russian attacks have intensified, breaking down technological infrastructure in response to sanctions imposed following attacks on Ukraine.
The ripple effect of cyber attacks in the US are felt throughout the world as multinational corporations seek to secure their assets.
How do Russian cyber attacks affect me?
Retaliation by Russia and hacker groups that support Putin can have a significant impact on businesses and organisations throughout the world. Banks and other financial institutions in the European Union and abroad are prime targets for cyber attacks as citizens rush to access and move funds.
Businesses that have holdings in global banks may be targeted and can be at risk of business identity theft. Some cyber criminals are opting to skip banks altogether, and target industries such as utilities, meat producers and fuel. Protecting your finances and online accounts are paramount to securing your valuable assets.
How can I protect myself from cyber attacks?
With cyber attacks on the US on the rise, it’s important to protect yourself and your business before it’s too late.
Incident response plan
If you’ve got an incident response plan in place, ensure employees receive a refresher on how to recognise and deal with a cybersecurity threat or data breach. Invest extra time and funds into training and updating the plan so you’re protected in the event of an attack. An incident response plan can help you to respond quickly.
Learn more about how to develop an incident response plan.
Disaster recovery plan
A disaster recovery plan (DRP) aims to swiftly redirect available resources to restore information systems and data in the event of a cyber attack. The DRP is a useful document that outlines the exact procedure that should be followed to respond to unplanned incidents and can reduce downtime if implemented quickly.
Data backup and encryption
Frequent data backups are one of the most efficient ways to ensure your data is protected and can be recovered in the event of an attack. Check the data regularly to make sure that it’s working properly. All data and networks should be encrypted to prevent unauthorised access, and security software should be updated regularly.
Protect you and your business from the real threat of cyber attacks. Contact FraudWatch to learn more about our security services and mitigating threats against your brand.