The hacking conglomerate known as ‘Scattered Spider’, notorious for shaking up casinos and hotels at MGM Resorts International last year, is reportedly upping the ante with a new onslaught, this time focusing on banks and insurance firms, as per the accounts of cybersecurity researchers. The group’s activities have been vigilanty monitored and tracked by Resilience Cyber Insurance Solutions, a cybersecurity risk company. The findings point to a worrisome increase in cybercrime directed at prominent finance sector entities.
In total, ‘Scattered Spider’ is believed to have placed 29 companies in its cross-hairs since April 20. The miscreants have already allegedly breached the systems of at least two insurance companies. Major institutions such as Visa Inc., PNC Financial Services Group Inc., Transamerica, New York Life Insurance Co., and Synchrony Financial have not been spared from the group’s cyber onslaughts. This information comes to light amidst an overall increase in online criminal activities and threats, with cybercrime becoming exceedingly sophisticated.
The modus operandi of ‘Scattered Spider’ comprises of luring unsuspecting victims to a fraudulent log-in page designed to extract credentials. This method of deceit has alarmingly been deployed in successful data breaches at MGM and even consumer goods corporation, Clorox. The latest series of attacks serve as a stark reminder of the persistent threats posed by such cyber criminal groups to corporations around the globe, especially with an increasing number of employees working remotely due to the ongoing pandemic, thereby making corporate networks more vulnerable.
With new targets now being financial institutions with vast resources and critical data, the threat has only intensified. The finance industry, being one of the pillars of any modern economy, is expected to bolster its cybersecurity measures as these attacks could potentially lead to massive financial losses and disrupt crucial financial systems. How the industry navigates these tumultuous waves of cyberattacks and safeguard their systems will shape the narrative of corporate cybersecurity in the future.
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