Finance & Banking , Industry Specific , Video

2023 Cyber Bank Heists Report: The Rise of Punitive Attacks

Contrast's Tom Kellermann on How Cybercriminals Escalated Destructive Strikes
Tom Kellermann, senior vice president, cyber strategy, Contrast Security

Banking Trojans, ransomware, fake finance apps programmed to steal data - the cybercriminal cartels have become more punitive in 2023, escalating their destructive attacks on financial institutions. This is just one key finding of the annual Cyber Bank Heists report by Contrast Security's Tom Kellermann.

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According to the report, 60% of surveyed institutions say they were victims of destructive attacks in the past year, and 64% say they saw an increase in application attacks. "The new threats to supply chains are targeting software development, integration and delivery infrastructure," Kellermann says. "Research shows that applications are attacked 433 times a day."

In this video interview with Information Security Media Group, Kellermann discusses:

  • Notable attack and e-fraud trends;
  • Cyber defense trends - with a new focus on AppSec;
  • Top countermeasures to deter the criminals.

Kellermann is the former head of cybersecurity strategy at VMware, as well as the former CEO of Strategic Cyber Ventures. He served on the Commission on Cyber Security for the 44th president of the United States and was an adviser to the International Cyber Security Protection Alliance. When he served as chief cybersecurity officer for Trend Micro, he was responsible for analysis of emerging cybersecurity threats and relevant defensive technologies.

About the Author

Tom Field

Tom Field

Senior Vice President, Editorial, ISMG

Field is responsible for all of ISMG's 28 global media properties and its team of journalists. He also helped to develop and lead ISMG's award-winning summit series that has brought together security practitioners and industry influencers from around the world, as well as ISMG's series of exclusive executive roundtables.

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