Here is the article rewritten in markdown format:

Financial Sector Under Attack: Cyber Threats Abound

A recent report by Sekoia has highlighted the growing concern over cyber threats targeting the financial sector. With the increasing use of digital technologies and mobile devices for financial services, the risk of financial data breaches and malware attacks has never been higher.

Aggregators at Risk

According to Sekoia, aggregators of financial services, which are not subject to the same level of regulation as traditional banking entities, are particularly vulnerable due to potential vulnerabilities in their technology. The International Monetary Fund (IMF) warns that new technologies in financial services can generate new risks, including the use of APIs with poor security architecture that could lead to data leaks.

Financial Malware on the Rise

Malware designed to collect financial data, including credit card information, banking credentials, and cryptocurrency wallets, has been around for years. However, new types of malware are emerging, including mobile banking Trojans, which doubled in 2022 compared to the previous year and continue to grow.

Sekoia predicts that this increase is due to the rise in mobile device usage for financial services and the ability of these malware to bypass two-factor authentication.
Spyware, another type of malicious code, has also been used increasingly for bank fraud.

Ransomware Threats

Ransomware attacks have become a major concern for the financial sector, with reports of huge physical impacts and ransom demands ranging from $180,000 to $40 million. Sekoia notes that known ransomware actors are shifting towards exfiltration- based extortion without encryption, likely due to the challenges of encrypting large-scale compromised data.

DeFi and Blockchain Bridges Under Attack

Decentralized finance (DeFi) platforms and blockchain bridges are also being targeted by threat actors. These attacks often involve luring employees into providing credentials or compromising them with malware, allowing attackers to steal cryptocurrencies.

Sekoia reports that state-sponsored threat actors, such as Lazarus, have generated significant profits from DeFi and blockchain bridge attacks.
In 2023 alone, three attacks attributed to Lazarus resulted in the theft of $132 million.

Blurred Lines between Cybercrime and State-Sponsored Espionage

The distinction between cybercrime and state-sponsored espionage is becoming increasingly blurred. Some attacks may be motivated by financial gain, while others may have strategic goals.

For example, a recent report from Secureworks revealed that a threat actor, Bronze Starlight, was using ransomware to hide its cyberespionage activity.

Reducing Cyber Threat Risks

To mitigate the growing risk of cyber threats in the financial sector, Sekoia recommends:

Employee education on detecting phishing attempts and reporting suspicious activity.
Ensuring that open-source software is thoroughly checked before deployment.

As the financial sector continues to evolve, it is essential for regulators, organizations, and individuals to stay vigilant against these emerging threats. By taking proactive measures to reduce cyber risk, we can protect the integrity of our financial systems and maintain trust in digital transactions.