IDC Perspective: Ransomware — Staying Ahead With Preventative Measures

IDC Perspective: Ransomware — Staying Ahead With Preventative Measures

This IDC Perspective discusses why financial institutions should take a close look at their network architecture and their ongoing training methodologies of employees to help prevent ransomware attacks. Ransomware attacks can happen to any person or institution in the world, of any size, and at any time. There are no borders, open or close times, or laws that attackers follow. This is a major challenge for financial institutions and their leadership teams, including chief information security officers (CISOs). Ransomware cases have dramatically increased since the COVID-19 pandemic both in terms of victims and money lost. Implementing a few technology and nontechnology projects can help make your financial institution look less attractive to an attacker.According to Kevin Dolan, research director on worldwide compliance, fraud, and risk analytics strategies, IDC Financial Insights, "Ransomware is one of the most concerning types of attacks for security professionals as it could potentially have the largest impact on a financial institution's reputation. Financial institutions need to be both vigilant and aggressive with technology security implementations and policy decisioning to prevent threats."

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