Independent Banker - April 2020 - 33

whose research regards " the scourge of ransomware "
as a top attack trend of 2020. " [We saw] a
wide range of organizations both large and small
hit by ransomware in 2019, and we're predicting
that ransomware attacks will grow in 2020.
Ransomware attacks are relatively easy to launch
and result in what seems to be easy money for
the attackers. "
" The more you
prepare, the quicker
you can react, and
the less damage to an
With ransomware, bad actors typically gain
access by luring an unsuspecting employee with
an artful phishing email, attachment or fraudulent
hyperlink that downloads the malware, which
will seek out and encrypt data and networks. In
these attacks, criminals can often recycle effective
phishing schemes, scam sites and malware
across a multitude of victims, thereby collecting
many ransoms with a single strategy.
Black-hat hackers keep plying their trade, trying
to stay at least one step ahead of the banks
and businesses that are becoming more wary
of such scams and guarding themselves against
such attacks.
" Community and regional banks are certainly
potential targets, " Krull says, noting that hackers
see smaller financial institutions as having
smaller security budgets and teams, thereby
making them easier targets.
Eyewitness accounts
Kyle Kunnen, senior vice president and information
security officer at $3.6 billion-asset
Mercantile Bank of Michigan in Grand Rapids,
Mich., has seen ransomware attackers ratcheting
up their approach in recent months. He says
they're attempting to not only breach a wider
range of enterprises but also form a cottage
industry out of providing services and tools to
less-skilled bad actors.
" The adversaries here have monetized their
tools and services [and are] selling them on the
dark web as complete kits, " Kunnen says. " You
could be a junior-level thief and they'll provide
the information, all you need-[they'll] even collect
the bitcoin [ransom]. "
Kunnen says the barrier of entry is low. " You
don't need to be a knowledgeable individual anymore, "
he adds. " It's not a tough market to get
into. They're just looking for soft targets. Community
banks are looking for ways not to be those
soft targets. "
organization. "
-Tyler Leet, CSI
Gary Wagers, executive vice president for retail
products and services at $12 billion-asset Banner
Bank in Walla Walla, Wash., has seen ransomware
purveyors on the prowl among bank vendors and
business customers. Case in point: The ransomware
breach that very publicly caused Travelex, a
foreign exchange service provider, to shut down
for more than a week in January affected many of
its bank customers, both large and small.
" We're seeing ransomware events [like this]
that are meaningful ... and they're usually caused
by not properly doing patches [to software], "
Wagers says.
He suggests that community banks spend
more time vetting and communicating with third
parties to ensure that they're taking precautions.
Attackers are becoming more adept in gaining
access to enterprise systems and even in how long
they're willing to wait for a reward, according to
Paul Schaus, president, CEO and founder of CCG
Quick stat
$52K
The amount the
City of Atlanta
paid hackers
to unlock
its systems
following a 2018
ransomware
attack
Source: City of Atlanta
Catalyst, a bank consulting firm in Phoenix.
" We're seeing an increase in 'delayed bombs', "
he says. " The ransomware is set off by [an
employee] clicking on a link, and then it's activated
two to four months later. We're seeing that
happen more, when it's buried in there and IT
departments don't see it. "
Schaus notes there have been more ransomware
attempts in general, as " players are getting
more sophisticated and many banks are not
keeping current because of the cost. "
Ransomware attacks continue to occur at an
alarming frequency because attackers know they
are effective, and they know that if a system is
successfully compromised, a victim will generally
pay the ransom, according to Robert Capps,
vice president of market innovation for NuData
independentbanker.org Q 33
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Independent Banker - April 2020

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