According to a report released Tuesday by the Financial Stability Board (FSB), criminals targeted security breaches in financial services companies as their staff began working from home.
Created after the G20 summit in London in April 2009, the FSB makes recommendations on the global financial system and coordinates the financial rules of the G20 group of nations on a non-binding basis.
“Work-from-home agreements (WFH) have propelled the adoption of new technologies and accelerated the digitization of financial services,” the report said.
Home workers have been targeted with phishing, malware and ransomware. These crimes increased from less than 5,000 per week to over 200,000 per week between February 2020 and April 2021.
The report also says that greater reliance on VPNs and unsecured WiFi hotspots “posed new kinds of patching challenges and other cybersecurity issues” as IT departments struggled to secure remote workers.
The report states that external vendors have also created cracks that crooks can exploit. As the document says:
Working from home is not going to go away. Analyst firm Gartner has predicted that nearly half of knowledge workers will work remotely in 2022. Apple has adopted a hybrid work plan, even for its retail team. And one in five Googgers said no thanks for coming to the office, despite the allure of all the free snacks, nap rooms, the ability to work without the kids interrupting. all, and the chance to hear from inspiring speakers.
The report also suggests that the “new normal” for work and the global economy are far from settled:
The FSB suggests that institutions adjust their cyber risk management processes, incident reporting, response and recovery activities, and the way they manage the cloud and other third-party services accordingly.
the report [PDF] is a preliminary overview of the impact of the pandemic on financial stability. A follow-up report outlining the next steps is expected in October. ®