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In the last couple of years, banks in Africa have been under attack by an unknown hacker group called Bluebottle. Researchers connect it with another group named OPERA1ER and believe they belong to the same cybercrime organization. OPERA1ER managed to take around $30 million from banks around the world.
Bothe Bluebottle and OPERA1ER use identical tactics and tools, but the problem is they are available to everyone. Therefore, it is difficult to say they belong to the same organization. Bluebottle has been around since at least 2016 and initially focused on ATM theft. But now they have moved on to more sophisticated cyber heists aimed at several African banks.
Both groups have been incredibly successful in their cyberattacks, and they continue to be a threat to banks and organizations regardless of their location. The authorities are not any closer to identifying these individuals, which means we should learn how to protect ourselves from cybercriminals.
Dangers to the financial industry
Even though the financial industry is one of the most regulated in the world, it doesn’t mean it is safe from cyberattacks. Hackers often see it as a challenge and are ready to try anything to create a security breach within these organizations. On average, every data breach costs $5.72 million. So what are the cybersecurity challenges for financial organizations? Here are some of the most common ones:
Malware
Most cyberattacks involve some type of malware. Ransomware seems to be at the top because it disrupts the organization and leads to financial loss. Furthermore, hackers might gain quite a lot of money if an organization decides to pay a ransom. This type of malware can cause long-term damage because a bank might lose its reputation, and potential clients could start avoiding it.
Then there are info stealers. This malware is made to create a data breach and steal personal information, which is then auctioned on the dark web. Since banks and financial organizations store client information, chances are cybercriminals will try to gain access to their databases and earn money this way.
Phishing
If you are wondering how malware is delivered, one of the possible answers is phishing. Phishing is a common tactic that tricks users into revealing their login information through links to fake websites. Cybercriminals could use this information to gain access to almost every account associated with the stolen credentials because people tend to reuse their passwords.
But phishing messages could deliver malware in the form of an attachment. They might look like important documents, but as soon as you download them to your device, your device will become infected. Once malware is downloaded, cybercriminals start collecting various information from your computer.
Outdated software
Unfortunately, not everyone is aware of the dangers of outdated software. If you are using an unsupported operating system, chances are cybercriminals already have a list of possible vulnerabilities they could exploit and access your computer. Some financial organizations store sensitive information on devices running outdated software, and that is extremely dangerous.
Then there are outdated apps you might have on your devices. These can also be used in a data breach because cybercriminals will know how to exploit the code to their advantage. Accessing one device connected to the network will allow hackers to access the entire database.
How to protect yourself from hackers
1. Don’t click on unknown links
As previously mentioned, hackers often use phishing to steal someone’s login information. Bank employees should learn how to recognize spam emails and messages. They could seem like the real deal because cybercriminals do their best to recreate the original webpage. However, always check the email address and the links themselves.
Furthermore, most online businesses and services won’t randomly send a request to confirm your identity or to sign in. If you are unsure and worried you might miss out on something, contact the support and ask about their emails or messages. Antivirus software and a VPN can warn you about unsecured websites, so it is good to have them on your device.
2. Strong passwords
Use passwords that are hard to guess and encourage everyone around you to do the same. Another thing you should point out is reusing login credentials. There have been so many data leaks in the last 15 years that almost everyone had one of their login credentials leaked on the dark web. With that said, many people continue to use the same passwords regardless of the leaks.
Strong passwords could be hard to remember, and that is okay. Using apps that save your login information is recommended when you have a hard time memorizing it. Just make sure you don’t have the same password for all accounts. Cybercriminals could exploit this and use the stolen login information to access a bank’s system and database.
3. Using software
The right software can protect a network and all devices connected to it. Using antivirus software that is regularly updated is a must for all employees. Additionally, those working remotely could benefit from a VPN. This app makes it easy to work from any corner of the globe by connecting to a local server.
Additionally, a VPN providor is recommended for people working from home because it adds a layer of security through encryption. You will be able to connect to an open Wi-Fi network and send or receive data without worrying someone might be monitoring you.
