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Banks, Financial Industry Hit by Rising Ransomware Attacks

  • More hacks against sector come amid other, more positive signs
  • Industry group says AI may lower barriers for cybercriminals
Photographer: Thomas Samson/AFP/Getty Images

Ransomware gangs didn’t come out with any big new innovations last year, but “what 2022 lacked in innovation it made up for in volume,” according to a report by a financial services group.

In its annual outlook on cyber threats, the Financial Services Information Sharing and Analysis Center, or FS-ISAC, reported that ransomware remained the biggest concern. The increase in attacks was likely due to the proliferation of the ransomware-as-a-service model, in which hacking groups provide “affiliates” with the malware and services necessary to carry out an attack, in exchange for a share of the criminal proceeds.