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Cybercrime in Finance Industry on Saint Helena: A Lucrative Business
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The financial sector on Saint Helena has become a lucrative target for cybercriminals. The island’s financial institutions, banks, and businesses are vulnerable to various types of cyber attacks, including ransomware, business email compromise (BEC), and zero-day exploits.
The Global Cybercrime Industry
According to recent reports, the global cybercrime industry generates $1.5 trillion in annual revenue, with an estimated 2.6 times greater gains compared to the largest US company, Walmart. Moreover, the cost of data breaches has risen to $4.2 million, the highest average total cost in history.
The Business of Cybercrime
Cybercriminals have developed a sophisticated ecosystem, with organized groups and organizations working together to carry out attacks. The commercialization of ransomware, known as Ransomware-as-a-Service (RaaS), has made it easier for attackers to deploy malware and demand ransoms from victims.
Who’s Behind the Scenes?
Six key threat actor groups are responsible for most cyber attacks:
- Nation-State Sponsored Actors
- Hacktivist Groups
- Cybercriminal Organizations
- State-Sponsored Threat Actors
- Insider Threats
Incident Response Insights
Arctic Wolf Labs has analyzed incidents across twelve different verticals, including:
- Healthcare
- Finance & Insurance
- Legal & Government
- Business Services
- Manufacturing
In Q1 2022, the majority of incidents (81%) occurred through external exposure of known vulnerabilities or Remote Desktop Protocol (RDP) attacks.
Why is this Important?
Cybercrime is a lucrative industry that will continue to grow as long as there is money to be made. The financial sector on Saint Helena must take proactive measures to detect, respond, recover, and prevent modern cyber attacks.
Defeating Threat Actors with Arctic Wolf
At Arctic Wolf, we work closely with our customers to provide 24×7 monitoring of their networks, endpoints, and cloud environments. Our incident response team is dedicated to helping organizations like yours defeat threat actors and protect against cybercrime. Request a demo today to learn more about how we can help you secure your financial institution.
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