ransomware in Finance

Ransomware Threat is a Capital Killer

The financial and insurance sector is 300x more likely to be targeted by attackers than any other industry. Data-rich, monetary assets make it a very attractive target for ransomware groups because they store a treasure trove of valuable information on individuals and companies that is sometimes more valuable than the average ransom demand.

Today’s ransomware attacks often include sensitive data theft prior to the delivery of the ransomware payload, often used as extortion leverage to compel a ransom payment.

The data attackers are keen to steal is potentially regulated, so in addition to the loss of revenue, damage to brand, and the high cost of recovery after a ransomware attack, financial organizations increasingly face liability issues that can now reach the C-Suite and BoD level.

Ransomware Poses a Critical Threat for Finance

The threat to the finance and insurance sector is escalating at an alarming pace:

Twice as many financial institutions (64%) were attacked in 2023 versus 2021, and the number impacted was up 20% from 2022.

Only 10% of the ransomware attacks on the sector were disrupted before the encryption payload was delivered and executed.

Data breaches were the second biggest loss factor for the finance and insurance sector at an average of $5.9 million per incident.

Legacy security tools were simply not designed to address the unique threat that ransomware presents, and this is why we keep seeing destructive ransomware attacks circumvent these traditional security solutions and impact the finance and insurance sector.

The Challenges

Ransomware presents critical challenges to any financial organization:

People and Processes

Organizations in the finance and insurance sector typically have the most mature security programs, but an attacker with adequate time and resources will eventually be successful in breaching the network

Downtime and Recovery

From initial detection to full recovery, it takes on average 22 days (about 3 weeks) to restore operations following a successful ransomware attack. Finance providers cannot afford weeks of downtime and closures.

This is why Halcyon enlisted some of the top engineers, data scientists, and threat researchers in cyber security to develop the Halcyon Anti-Ransomware Platform.

Halcyon delivers a purpose-built ransomware prevention solution that provides multiple layers of prevention, detection and recovery through proprietary encryption key material capture that autonomously restores systems to operation in a matter of minutes versus weeks.

Motivations

Ransomware operators are well organized and motivated by profit, and the finance and insurance sector is an extremely attractive target given the perception is they have the capacity to pay extremely large ransom demands.

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Empowering Finance with Resilience

The new model for building resilient finance organizations requires:
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Defense Resilience

Existing EPP/EDR/XDR were not designed to stop ransomware attacks in progress. Halcyon AI/ML models are trained on millions of real-world ransomware attacks to fill the detection and prevention gap left by traditional security tools.

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Stop Bypass & Evasion

Ransomware operators disable endpoint security tools with relative ease. Halcyon protects other security tools from being bypassed, unhooked, or blinded during a ransomware attack to increase ROI on all security investments.

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Operational Resilience

Ransomware attacks are designed to be disruptive. The unique Halcyon encryption key material capture and anti-data exfiltration features prevent exposure of sensitive data and assure operational resilience against successful attacks.

Halcyon Offers the Most Powerful Ransomware Protection

Legacy security tools are failing to catch the telltale signs of ransomware attacks until it is too late, so we keep seeing destructive attacks circumvent these solutions.

Identify and transfer locker

RANSOMWARE OPERATIONS PREVENTION

Halcyon delivers AI/ML-powered next-generation behavioral modeling to detect ransomware precursors, pre-execution blocking of ransomware payloads, and unparalleled evasion protection.


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Deploy Halcyon Agent

DATA EXFILTRATION PREVENTION

Halcyon detects attacker actions to predict and prevent bulk data movement associated with data exfiltration to protect education providers from breaches that lead to costly liability and extortion demands.


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Initiate the Decryption

RAPID RANSOMWARE RECOVERY

Only Halcyon delivers proprietary encryption key material capture and autonomous decryption to keep education organizations operational in the face of a successful ransomware attack.

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Halcyon Anti-Ransomware Platform

Halcyon is the only platform to leverage advanced AI/ML detection models specifically trained to defeat ransomware. The unique Halcyon Anti-Ransomware Platform is easy to deploy, does not conflict with existing endpoint security solutions, and provides multiple levels of detection, prevention and recovery against ransomware attacks.

Talk to a Halcyon expert today to find out more and check out our Recent Ransomware Attacks resource site to get near real-time tracking of ransomware attacks, threat actor groups and their victims.

See Halcyon in action

Interested in getting a demo?
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