Late last week, ABN Amro Bank NV announced that unauthorized parties may have accessed the data of some of its clients after supplier AddComm was the victim of a ransom-ware attack this month.
AddComm, which distributes documents and tokens to clients and employees for ABN Amro, said in a statement that the hack took place between May 5 and May 17 and disrupted its services for a few days.
At this time, it is not clear what type of data was involved, and ABN Amro said it has no indication that the unauthorized parties have used the data of its clients and that the lender’s systems were not affected.
This comes in the same month that Banco Santander SA said that information of clients and staff managed by a third-party was accessed without authorization, and Deutsche Bank, Commerzbank and ING Groep were among dozens of companies to suffer from the MOVEit file transfer tool breach.
Meanwhile, the European Central Bank, which oversees lenders in the region, conducted a stress test to examine how banks respond to and recover from cyber attacks and observed the extensive use of outsourced functions as one of the main challenges impacting 88% of banks that claim they are at least partially reliant on service providers to operate their core banking system.
Dave Ratner, CEO, HYAS had this to say:
“The fact is that every exploit has to do one thing before it wreaks havoc: communicate with the threat actor controlling it. Identifying and thwarting that communication is the first, last and best chance an organization has to prevent an attack. Third-party breaches will continue to escalate and be a critical pain point for organizations of all sizes until true cyber resiliency implementations are put into effect and organizations have not just the operational internal visibility that they require, but also the capability to detect those telltale signs of a breach and imminent attack, early in the kill chain, and stop it before damage ensues.”
Emily Phelps, Director, Cyware:
“The recent ransomware attack underscores the critical need for proactive cybersecurity measures in the financial sector. To address these challenges, modernizing traditional SOCs into cyber fusion centers can enable real-time threat intelligence sharing and collaboration across institutions, fostering a collective defense approach. By integrating strategic AI-driven cybersecurity solutions, financial institutions can proactively detect and mitigate threats, ensuring the resilience and integrity of their operations.”
Third party attacks are a danger that every business needs to wrap their heads around. If they don’t, they’ll be the next victim through no fault of their own.
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This entry was posted on May 29, 2024 at 8:53 am and is filed under Commentary with tags Hacked. You can follow any responses to this entry through the RSS 2.0 feed.
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Another Day, Another Third Party Breach
Late last week, ABN Amro Bank NV announced that unauthorized parties may have accessed the data of some of its clients after supplier AddComm was the victim of a ransom-ware attack this month.
AddComm, which distributes documents and tokens to clients and employees for ABN Amro, said in a statement that the hack took place between May 5 and May 17 and disrupted its services for a few days.
At this time, it is not clear what type of data was involved, and ABN Amro said it has no indication that the unauthorized parties have used the data of its clients and that the lender’s systems were not affected.
This comes in the same month that Banco Santander SA said that information of clients and staff managed by a third-party was accessed without authorization, and Deutsche Bank, Commerzbank and ING Groep were among dozens of companies to suffer from the MOVEit file transfer tool breach.
Meanwhile, the European Central Bank, which oversees lenders in the region, conducted a stress test to examine how banks respond to and recover from cyber attacks and observed the extensive use of outsourced functions as one of the main challenges impacting 88% of banks that claim they are at least partially reliant on service providers to operate their core banking system.
Dave Ratner, CEO, HYAS had this to say:
“The fact is that every exploit has to do one thing before it wreaks havoc: communicate with the threat actor controlling it. Identifying and thwarting that communication is the first, last and best chance an organization has to prevent an attack. Third-party breaches will continue to escalate and be a critical pain point for organizations of all sizes until true cyber resiliency implementations are put into effect and organizations have not just the operational internal visibility that they require, but also the capability to detect those telltale signs of a breach and imminent attack, early in the kill chain, and stop it before damage ensues.”
Emily Phelps, Director, Cyware:
“The recent ransomware attack underscores the critical need for proactive cybersecurity measures in the financial sector. To address these challenges, modernizing traditional SOCs into cyber fusion centers can enable real-time threat intelligence sharing and collaboration across institutions, fostering a collective defense approach. By integrating strategic AI-driven cybersecurity solutions, financial institutions can proactively detect and mitigate threats, ensuring the resilience and integrity of their operations.”
Third party attacks are a danger that every business needs to wrap their heads around. If they don’t, they’ll be the next victim through no fault of their own.
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This entry was posted on May 29, 2024 at 8:53 am and is filed under Commentary with tags Hacked. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.