Surging cyberattacks as a result of employees working from home will require financial firms to increase their defenses, the Financial Stability Board (FSB) said, according to a Reuters report.
Cyberattacks, like phishing and malware, surged from less than 5,000 a week in February 2020, before the pandemic-inspired switch to remote work, to more than 200,000 a week in April 2021, the news service reported, citing Switzerland-based FSB.
While many Covid-19 restrictions have been lifted, some financial firms have told workers they may continue to work from home multiple days per week, prolonging potential exposure to cyberattacks, the report said.
“Financial institutions have generally been resilient but they may need to consider adjustments to cyber risk-management processes, cyber incident reporting, response and recovery activities, as well as management of critical third-party service providers, for example cloud services,” the FSB said, according to the news service.
The Financial Security Board is an international board that monitors and makes recommendations for financial rules for the G20 groups of nations. It made its recommendations in a report to G20 ministers and central banks on July 13.