{"id":66930,"date":"2024-01-25T11:14:31","date_gmt":"2024-01-25T17:14:31","guid":{"rendered":"https:\/\/www.pcmatic.com\/blog\/?p=66930"},"modified":"2024-01-25T11:14:31","modified_gmt":"2024-01-25T17:14:31","slug":"financial-institutions-battle-sophisticated-frauds-and-ransomware-attacks-amidst-growing-third-party-risks","status":"publish","type":"post","link":"https:\/\/www.pcmatic.com\/blog\/financial-institutions-battle-sophisticated-frauds-and-ransomware-attacks-amidst-growing-third-party-risks\/","title":{"rendered":"Financial Institutions Battle Sophisticated Frauds and Ransomware Attacks Amidst Growing Third-Party Risks"},"content":{"rendered":"\n

Fraudsters are becoming more sophisticated, launching bold and effective attacks.<\/p>\n\n\n\n

Ransomware attacks in the previous year resulted in the disabling of at least 60 credit unions for three weeks. These credit unions were connected to the same third-party service provider, which impacted about 100,000 members accessing their digital accounts. According to the Office of Financial Research, the percentage of financial firms impacted by ransomware rose from 79% in 2022 to 87% in 2023.<\/p>\n\n\n\n

According to a collaboration between PYMNTS Intelligence and Hawk AI, U.S. banks with assets over $5 billion experienced total losses of over $1.3 billion in 2023 due to fraudulent transactions, nearly doubling the losses in 2022.<\/p>\n\n\n\n

PC Matic<\/a> Application Allowlisting prevents cybercriminals from running malware or ransomware on your network and endpoints to disrupt operations, steal sensitive data, encrypt files, or hold critical digital assets for ransom.<\/p>\n\n\n\n

Additionally, users enjoy the advantages of a VPN for online freedom, premium identity theft protection, bank and credit monitoring, dark web monitoring, and 100% USA-based phone support.<\/p>\n\n\n\n

As banks increasingly collaborate with FinTechs and other technology providers, joint guidance from regulatory bodies emphasizes the need for ongoing monitoring of third-party risks.<\/p>\n\n\n\n

An interview with Michael Berman, CEO of Ncontracts, highlights the challenges arising from the surge in vendor agreements. He emphasizes the role of AI and large language models in parsing contracts, ensuring compliance, and addressing risks and contingencies.<\/p>\n\n\n\n

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PC Matic delivers complete home and business cybersecurity protection against ransomware, malware, identity theft, online tracking, data breaches, and more. For over 20 years, PC Matic’s award-winning cyber protection has saved millions of satisfied customers from becoming the next cybercrime victim and is exclusively made in the USA.
Learn more about PC Matic today!
pcmatic.com<\/a>
sales@pcmatic.com<\/p>\n\n\n\n