Banking Still a Major Target of Cybercrime

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1950’s bank robber Willie Sutton was once—erroneously—quoted as saying “I rob banks because that’s where the money is.” Sutton never said it, a reporter made up the quote. However, cyber criminals are taking the advice.

In early 2018, the World Economic Forum announced that worldwide losses from cybercrime approached USD 1 trillion. According to the latest Data Breach Investigations Report, crimeware (which includes ransomware, malware, worms, spyware, etc.) was the single largest attack method used on the banking industry. With the potential take being upwards of tens of millions, as in the case of the Far Eastern International Bank in 2017, it shouldn’t come as a surprise.

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KnowBe4, the provider of the world’s most popular integrated new school security awareness training and simulated phishing platform, is used by more than 9,500 organizations worldwide. Founded by data and IT security expert Stu Sjouwerman, KnowBe4 helps organizations address the human element of security by raising awareness of ransomware, CEO Fraud and other social engineering tactics through a new school approach to security awareness training. Kevin Mitnick, internationally recognized computer security expert and KnowBe4’s Chief Hacking Officer, helped design KnowBe4’s trainings based on his well-documented social engineering tactics. Thousands of organizations trust KnowBe4 to mobilize their end-users as the last line of corporate IT defense.
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