Company
Date Published
Author
Mackenzie Jackson
Word count
621
Language
English
Hacker News points
None

Summary

The nature of bank robberies has evolved significantly, shifting from traditional physical heists to sophisticated cyberattacks often orchestrated by state-sponsored hackers, such as those allegedly from North Korea, who conducted the largest heist by value ever. Tom Kellerman of VMware, who advises on cybersecurity in the financial sector, highlights that despite being the most secure industry online, financial institutions face the most advanced cyber adversaries. A dramatic increase in cybersecurity incidents has been observed, with a notable rise in attacks targeting high-level personnel to gain insider information. The pandemic has reshaped the criminal landscape, propelling cybercrime to the forefront as organized crime adapted to digital methods. Kellerman advocates for a paradigm shift in cybersecurity strategies, suggesting a model akin to a supermax prison to prevent insider threats and emphasizing the importance of intruder suppression—detecting and containing threats without alerting the attackers. These insights underscore the need for innovative approaches in securing the financial sector against evolving cyber threats.