The western nations imposed several severe sanctions on Russia after it invaded Ukraine. As a result, banks are ready as they’re predicting revenge in the form of cyberattacks or cybercrimes. So, let’s discover all the buzz around this news.
So, What’s the News?
Last Saturday, the scenario between Russia and the West became very intense. The United States and its allies blocked Russian central banks from the SWIFT international payment system. Also, they moved the decision to place restrictions on the Russian Central Banks reserves.
Western countries and the United States were already aware of the tension increasing between Ukraine and Russia. So, cyber security was taking all measures to stop cyber crimes from Russia and its supporting nations. As a record, 58% of cyberattacks from nation-states originated in Russia, according to Microsoft. So, the response is quite apparent.
A Serious Threat to Banks – Cyberattack ?
Earlier Microsoft warned of a destructive cyberattack on Ukrainian computer networks, and soon after, the attack on Ukraine began. So, with all the western countries opposing Russia’s moves. So, what kind of cybercrime can western countries face as a retaliation?
So, all the activities going on for a few months and its response has made the Global Banks a target for a cyber breach. They have begun with robust cyber security staff, training, advance monitoring, and clearing all bugs for any data leaks. Banks are especially preparing for ransomware, malware, DoS attacks, theft, and data wiping.
Various popular banks like Citigroup Inc (C.N), Morgan Stanley (MS.N), JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N), Bank of America Corp (BAC.N) have refused to share their course of action for dealing with any potential threat.
Even though banks have a robust cybersecurity plan, they are on alert for dealing with any attack. But unfortunately, a minor carelessness can cost too much.
Response of Famous Personalities
Some of the influential personalities presented their say on the matter. Already cybercrime is 600% up after COVID, and such robust growth of attacks is a little problematic. So what did some famous people say:
According to Valerie Abend, who leads Accenture’s global financial services security group, “Banks are incredibly prepared. They have taken out their playbooks, and it’s practice, practice, practice.”
Swarthmore Group’s senior manager of fixed income portfolio, Steven Schweitzer, said there would be some revengeful measures by Ukraine and its allies. However, the least costly thing is some cyber-attacks.
The global head of intelligence at the Financial Services Information Sharing and Analysis Center, Teresa Walsh, expressed her views too. She said it wouldn’t be wise not to prepare for some retaliation. The Ukraine and allies have been giving signals in general issues for now. She asked everyone to be cautious of cybercrimes. Walsh also said that the preparation must begin now and that no one should wait for the crises.
Bottom Line
So, with all the buzz going around for months, western countries are protecting their valuable data at all costs from cyberattacks. Although banks are powered with strong cybersecurity, some careless glitches can still cost a lot. Also, It has been advised to write an effective cyber security strategy action plan for private businesses too.