Cybersecurity Threats in Finance Sector Plague Puerto Rico as Global Attacks Reach Record High
Puerto Rico was hit with over one billion attempted cyberattacks in the first half of 2023, according to data from FortiGuard Labs, the threat intelligence and research arm of Fortinet. This alarming trend is part of a global cybersecurity crisis, with Latin America and the Caribbean experiencing more than 63 billion attempted cyberattacks during the same period.
Top Targets for Cybercriminals
The report revealed that Puerto Rico was among the top targets for cybercriminals, along with Brazil, Mexico, Venezuela, Colombia, and Chile. The sheer volume of attacks highlights the vulnerability of financial institutions in the region to sophisticated cyber threats.
Ransomware on the Rise?
Ransomware, a type of malicious software that locks data until a ransom is paid, has been on the rise in recent years. However, FortiGuard Labs noted a decline in ransomware detections in the first half of 2023. Despite this trend, organizations are warned not to let their guard down, as targeted attacks are becoming increasingly more sophisticated.
Unique Exploits and Wipers
The report found a significant increase in unique exploits - software that takes advantage of bugs or vulnerabilities in information systems. FortiGuard Labs detected over 10,000 unique exploits in the first half of 2023, an increase of 68% since five years ago.
Wipers, a type of malware that erases data from victims’ systems, were also used by nation-state actors and cybercriminals in the region. Targets include technology, manufacturing, government, telecommunications, and healthcare sectors.
Persistent Botnets
Persistent botnets, networks of infected computers controlled by malware, posed another significant threat. FortiGuard Labs found that the average time botnets persisted before command and control communications ceased was 83 days, a stark increase from five years ago.
Mitigating Damage and Risk
The report emphasized the importance of reducing response time to mitigate damage and risk. “Disrupting cybercrime is a global effort that comprises strong, trusted relationships and collaboration across public and private sectors,” said Derek Manky, chief security strategist and global vice president of Threat Intelligence at FortiGuard Labs. “With targeted threats at an all-time high, security teams cannot afford to sit idle.”
Download the Full Report
The full report is available for download on the Fortinet website.
Key Takeaways
- Over one billion attempted cyberattacks in Puerto Rico in the first half of 2023
- Latin America and the Caribbean experienced more than 63 billion attempted cyberattacks during the same period
- Unique exploits increased by 68% since five years ago
- Wipers were used to erase data from victims’ systems
- Persistent botnets persisted for an average of 83 days before command and control communications ceased