Why are financial institutions frequent targets for cybercriminals?

Financial institutions are prime targets because they store valuable data such as credit card credentials, customer information, and corporate data that can be exploited or sold on the dark net. The financial sector is 300 times more likely to be breached than other industries, with American financial institutions experiencing up to 1 billion attacks per year. (Source: Forbes)

How much does a cyberattack typically cost a financial institution?

The average cost of recovering from a cyberattack for a financial institution is estimated at million USD per incident, making breaches extremely costly for the sector.

What attack techniques were used in the Cosmos Bank breach?

The Cosmos Bank breach involved patient-zero compromise, lateral movement, installation of malicious ISO8583 libraries, code injection, and creation of a rogue ATM/POS switching system. Attackers also compromised the SWIFT system to send fraudulent MT103 messages, resulting in .5 million stolen across two attack waves.

How do cybercriminals bypass fraud detection systems in financial institutions?

In the Cosmos Bank attack, hackers manipulated transaction replies and used cloned debit cards to authorize fraudulent ATM withdrawals, effectively bypassing fraud detection systems and enabling nearly 15,000 unauthorized transactions in 28 countries.

What steps are financial institutions taking to improve cybersecurity?

Financial institutions are enhancing monitoring systems to detect and mitigate attacks more effectively, enabling faster recovery. They are also increasing cooperation with regulators and law enforcement to address both crime-for-profit and state-sponsored threats.

What is ATM jackpotting and why is it a concern?

ATM jackpotting refers to cybercriminals compromising ATM infrastructure to dispense cash fraudulently. It has become popular as traditional credit card theft becomes less profitable due to increased vigilance and security measures by cardholders and institutions.

How do phishing attacks impact financial institutions?

Phishing attacks, such as the one on Bank of Montreal, are used to gain unauthorized access to sensitive systems and data. These attacks can lead to large-scale data breaches, financial loss, and reputational damage.

What is the role of SWIFT system attacks in financial breaches?

SWIFT system attacks involve compromising the international financial messaging system to authorize fraudulent transfers, as seen in the Cosmos Bank and City Union Bank breaches. These attacks can result in millions of dollars in unauthorized transfers across borders.

How can financial institutions recover from cyberattacks?

Recovery involves rapid detection, containment, and remediation of threats, as well as collaboration with regulators and law enforcement. Enhanced monitoring and regular security assessments help institutions recover more swiftly and prevent future incidents.

What is Cymulate and how does it help financial institutions?

Cymulate is a Breach & Attack Simulation (BAS) platform that empowers financial institutions to test their cybersecurity defenses in a safe, controlled environment. It offers multiple assessments, including Immediate Threat Alert, Lateral Movement, Phishing, and Data Exfiltration, to help organizations regularly evaluate and strengthen their security posture.

What types of assessments does Cymulate offer?

Cymulate provides eight different assessments, including Immediate Threat Alert, Lateral Movement, Phishing, and Data Exfiltration. These assessments can be run on-demand or scheduled, allowing organizations to continuously monitor and improve their defenses.

How does Cymulate simulate real-world cyber threats?

Cymulate simulates real-world threats by running automated attack scenarios that mimic the tactics, techniques, and procedures used by cybercriminals. This enables organizations to identify vulnerabilities and test their response to the latest threats in a controlled manner.

How does Cymulate help prevent lateral movement attacks?

Cymulate's Lateral Movement Assessment identifies the potential for attackers to move within a Windows Domain Network, helping organizations detect and mitigate risks before they can be exploited. For more on preventing lateral movement, see the blog post Stopping Attackers in Their Tracks.

How does Cymulate support phishing awareness and prevention?

Cymulate's Phishing Assessment evaluates employees' susceptibility to socially engineered attacks, enabling organizations to identify weaknesses and improve training to reduce the risk of successful phishing campaigns.

How does Cymulate help with data exfiltration prevention?

The Data Exfiltration Assessment checks outbound data controls to ensure sensitive information is not exposed, helping organizations prevent unauthorized data leaks and comply with regulatory requirements.

How does Cymulate empower organizations to stay ahead of cyber threats?

Cymulate provides continuous assessment and validation of security posture, enabling organizations to identify and remediate vulnerabilities before they can be exploited. Its focus on threat simulation and comprehensive assessments helps organizations stay ahead of evolving cyber threats.

What makes Cymulate's platform easy to use?

Cymulate's platform is designed for ease of use, with an intuitive interface and the ability to run assessments with just a few clicks. Customers have praised its user-friendly dashboard and the immediate value it provides in identifying security gaps and mitigation options.

What are the key features of Cymulate's platform?

Cymulate offers continuous threat validation, unified Breach and Attack Simulation (BAS), Continuous Automated Red Teaming (CART), exposure analytics, attack path discovery, automated mitigation, AI-powered optimization, complete kill chain coverage, and an extensive threat library with over 100,000 attack actions updated daily.

How does Cymulate integrate with other security tools?

Cymulate integrates with a wide range of security technologies, including Akamai Guardicore, AWS GuardDuty, BlackBerry Cylance OPTICS, Carbon Black EDR, Check Point CloudGuard, Cisco Secure Endpoint, CrowdStrike Falcon, Wiz, SentinelOne, and more. For a full list, visit the Partnerships and Integrations page.

What are the benefits of using Cymulate for financial institutions?

Benefits include improved security posture (up to 52% reduction in critical exposures), operational efficiency (60% increase in team efficiency), faster threat validation (40X faster than manual methods), cost savings, enhanced threat resilience, and better decision-making with actionable insights and quantifiable metrics.

How does Cymulate help with compliance and regulatory requirements?

Cymulate supports compliance by providing automated testing and validation of security controls, helping organizations meet regulatory standards and demonstrate due diligence to auditors and regulators.

What security and compliance certifications does Cymulate hold?

Cymulate holds SOC2 Type II, ISO 27001:2013, ISO 27701, ISO 27017, and CSA STAR Level 1 certifications, demonstrating adherence to industry-leading security and privacy standards. For more details, visit the Security at Cymulate page.

How does Cymulate ensure data security and privacy?

Cymulate ensures data security through encryption in transit (TLS 1.2+) and at rest (AES-256), secure AWS-hosted data centers, a tested disaster recovery plan, and a dedicated privacy and security team including a Data Protection Officer (DPO) and Chief Information Security Officer (CISO).

What makes Cymulate different from other security validation platforms?

Cymulate stands out with its unified platform combining BAS, CART, and exposure analytics, continuous 24/7 threat validation, AI-powered optimization, complete kill chain coverage, ease of use, and proven results such as an 81% reduction in cyber risk for customers like Hertz Israel. It also offers frequent updates and the most advanced attack simulation library.

How quickly can Cymulate be implemented?

Cymulate is designed for rapid deployment, operating in agentless mode with no need for additional hardware or complex configurations. Customers can start running simulations almost immediately after deployment, with comprehensive support and educational resources available.

What support resources are available for Cymulate users?

Cymulate offers email and chat support, a knowledge base with technical articles and videos, webinars, e-books, and an AI chatbot for quick answers and best practices. Support is available at support@cymulate.com and via chat support.

What is Cymulate's pricing model?

Cymulate uses a subscription-based pricing model tailored to each organization's needs. Pricing depends on the chosen package, number of assets, and scenarios selected. For a personalized quote, schedule a demo with the Cymulate team.

Who can benefit from using Cymulate?

Cymulate is designed for CISOs, security leaders, SecOps teams, red teams, and vulnerability management teams in organizations of all sizes and industries, including finance, healthcare, retail, media, transportation, and manufacturing.

What problems does Cymulate solve for financial institutions?

Cymulate addresses fragmented security tools, resource constraints, unclear risk prioritization, cloud complexity, communication barriers, inadequate threat simulation, operational inefficiencies in vulnerability management, and post-breach recovery challenges. It provides a unified, automated platform for continuous validation and improvement.

Are there real-world examples of Cymulate improving security for financial organizations?

Yes. For example, Hertz Israel reduced cyber risk by 81% in four months using Cymulate. A credit union adopted proactive security to validate exposures and optimize SecOps. Saffron Building Society improved compliance and governance. See more case studies on the Cymulate Customers page.

How did a UK bank enhance its security posture with Cymulate?

A UK bank used Cymulate to gain a comprehensive, data-driven understanding of its security controls, enabling proactive identification and remediation of vulnerabilities. This helped the bank boost its overall security posture and stay ahead of attackers. Read the case study.

What feedback have customers given about Cymulate's ease of use?

Customers consistently praise Cymulate for its intuitive interface, ease of implementation, and actionable insights. Testimonials highlight the user-friendly dashboard, immediate value, and accessible support team as key strengths.

Where can I find Cymulate's blog and newsroom?

You can read about the latest threats, research, and company news on the Cymulate blog and in the newsroom.

Where can I find resources like whitepapers, reports, and webinars?

Cymulate's Resource Hub offers whitepapers, reports, webinars, and thought leadership articles on cybersecurity and exposure management.

Does Cymulate provide a cybersecurity glossary?

Yes, Cymulate offers a cybersecurity glossary explaining terms, acronyms, and jargon for ongoing education.

How can I stay updated with Cymulate's latest news and research?

Stay informed by visiting the Cymulate blog for the latest threats and research, and the newsroom for media mentions and press releases.

Where can I find a central hub for Cymulate's insights and product information?

All Cymulate resources, including insights, thought leadership, and product information, are available in the Resource Hub.

Cybercriminals Target Financial Institutions: Breaches and Solutions

By: Cymulate

Last Updated: January 8, 2025

Financial services firms are favorite targets for cyber criminals. The firms are a treasure trove of tradeable data varying from credit card credentials, customer information, and corporate data that can be abused or sold on the dark net. Compared to other industries, the financial sector still remains extremely vulnerable. Overall, the chance of a financial institution being breached is 300 times higher than that of other organizations. While US companies in general are attacked around 4 million times a year, American financial institutions are victimized at a staggering 1 billion times per year. Recovering from an attack is costly, with the latest estimations calculating the price of $18 million USD per financial institution.

Major Financial Institution Breaches in 2018

Target	Date	Attack	Fallout /Damage
Cosmos Bank, India	August 2018	Hackers use malware compromising the bank's ATM server to steal the credit card information of customers, alongside SWIFT codes required for transactions.	During the first wave, $11.5 million USD was stolen in multiple countries. During the second wave on the same day, $2 million USD was stolen via debit card transactions across India.
Bank of Montreal, Canada	May 2018	Hackers used spear phishing attack to get access and then exploited a vulnerable server.	Hackers stole data of 50,000 bank customers and blackmailed the bank by threatening to make the data public unless $1 million USD in ransom was paid.
SunTrust Bank, USA	April 2018	A SunTrust Bank employee (no longer with the bank) stole customer data.	1.5 million records were stolen including names, addresses, phone numbers and account balances.
Sheffield Credit Union, UK	February 2018	It has been reported that the Hackers accessed the computer systems using a so-called "brute-force" attack.	The personal data of about 15,000 members were stolen including names, addresses, national insurance numbers and bank details.
City Union Bank, India	February 2018	Hackers accessed a SWIFT system to transfer money to banks in 3 different countries using Standard Chartered Banks.	Hackers made 3 illegal transfers in total of $1.8 million USD to banks in Dubai (via a Standard chartered Bank in New York), in Turkey (via a Standard Chartered Bank in Frankfurt), and in China (via a Standard Chartered Bank in New York).

The breaches outlined above show that cyberattacks on financial institutions are multi-faceted. The simple stealing of credit card details via phishing attempts is still effective, but has become less profitable. The rules of supply and demand also apply in the dark net economy, and the price per stolen credit card has dropped dramatically from the early days of cybercrime. Furthermore, credit card owners and credit institutions have become more vigilant and have taken security measures.

That’s why virtual bank heists in the form of ATM jackpotting has become popular with hacker groups. Let’s have a closer look at the Cosmos attack which occurred two months ago on August 11^th.

Spotlight on the Cosmos Bank Attack

The Cosmos Bank breach in August 2018 demonstrates how sophisticated modern cyberattacks have become.

First Wave of the Attack

Hackers began with patient-zero compromise and lateral movement, infiltrating the bank’s internal and ATM infrastructure. They used malware to install malicious ISO8583 libraries and process code injections, creating a rogue ATM/POS switching system. This allowed them to sever connections between the central banking system and backend systems.

With the system compromised, the attackers authorized fraudulent ATM withdrawals totaling $11.5 million USD across 28 countries. They utilized 450 cloned debit cards for nearly 15,000 transactions, bypassing fraud detection systems by manipulating transaction replies.

Second Wave of the Attack

Hackers escalated their operation by compromising the bank’s SWIFT system to send three fraudulent MT103 messages. These transactions transferred approximately $2 million USD to a Hong Kong-based entity.

Improving Cybersecurity in the Financial Sector

Financial institutions are taking significant steps to improve cybersecurity. Enhanced monitoring systems now detect and mitigate cyberattacks more effectively, enabling swift recovery. However, the challenge remains due to the dual threat posed by crime-for-profit and state-sponsored actors. Cooperation between private institutions, regulators, and law enforcement—ideally on an international scale—is essential to preventing financial crises.

How Cymulate Helps Financial Institutions Stay Secure

Cymulate’s Breach & Attack Simulation (BAS) platform empowers financial institutions to test their cybersecurity defenses in a safe, controlled manner. The platform offers eight different assessments, including:

Immediate Threat Alert Assessment: Tests vulnerabilities against the latest threats.
Lateral Movement Assessment: Identifies potential for attackers to move within a Windows Domain Network.
Phishing Assessment: Evaluates employees’ susceptibility to socially engineered attacks.
Data Exfiltration Assessment: Checks outbound data control to prevent sensitive information exposure.

These simulations can be run on-demand or scheduled in advance, allowing organizations to regularly assess and strengthen their cybersecurity posture.

Cymulate empowers organizations to fortify their defenses through continuous assessment and validation of their security posture. With a focus on threat simulation, comprehensive security assessments, and a commitment to innovation, Cymulate equips organizations with the tools and insights needed to stay ahead of cyber threats.

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Table of Contents

Major Financial Institution Breaches in 2018 Spotlight on the Cosmos Bank Attack Improving Cybersecurity in the Financial Sector How Cymulate Helps Financial Institutions Stay Secure

Cymulate Exposure Validation makes advanced security testing fast and easy. When it comes to building custom attack chains, it's all right in front of you in one place.

Mike Humbert, Cybersecurity Engineer

DARLING INGREDIENTS INC.

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