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Malware Attacks Targeting Smaller Financial Institutions

Credit unions and community banks must be prepared for the growing number of attacks on small FIs.

By Roy Urrico | Updated on July 20, 2016

Credit unions and banks with less than $35 million accounted for 81% of hacking and malware breaches at financial institutions in 2016, a 54% increase over industry incidents in 2015.

New York City-based data breach response insurance firm Beazley in its “Beazley Breach Insights – July 2016” findings noted a sharp increase in hacking and malware attacks on financial institutions in the first six months of 2016, particularly those aimed at small banks and credit unions. The study, based on its response to client data breaches in the first six months of 2016, also found a consistent level of hacks in the healthcare, higher education and retail sectors compared to 2015.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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