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Sophisticated Attacks Shift Away From FIs in Second Half of 2020: NuData

However, application fraud is expected to cost financial institutions $4.1B by 2023, a new report says.

Cybercrime report results. Cybercrime report results. (Source: Shutterstock)

Following a surge of sophisticated cyber-attacks on financial institutions during the first half of 2020, the industry saw this category of schemes that closely resemble human behavior shift to other industries – namely retail. That’s according to a new report on cybersecurity trends from NuData Security, a Mastercard company, titled “2020 H2: Fraud Risk at a Glance.”

The percentage of attacks against financial institutions classified as sophisticated dropped by 65% from the first to second half of 2020, while sophisticated attacks on the retail sector grew from 38% to 76% during that time period, according to NuData. “Our H1 report warned of a new type of attack on the rise – sophisticated scripts that emulate human behavior to evade detection,” the report stated. “Our H1 report predicted this focus was likely to shift as attackers test their new techniques against industries that are perceived to have weaker security protections. As predicted, the percentage of attacks on financial institutions that were sophisticated dropped to 31% as attack volumes in the sector declined overall.”

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Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.

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