Following the adoption of strong sanctions on Russia for invading Ukraine, cyber experts and CEOs predict retaliatory ransomware attacks against major US banks.
The US and its allies attempted to prohibit some Russian banks from using the SWIFT international payment system and imposed limitations on the Russian central bank’s overseas holdings, escalating tensions between Russia and the West.
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network is a global financial network. Which, allows money to flow seamlessly and quickly across international borders.
Every day, SWIFT handles over 40 million messages, facilitating the transfer of trillions of dollars between corporations and governments.
The processing system, which is based in Belgium, connects 11,000 major lenders and financial institutions from over 200 countries.
More than 1% of those messages are thought to include funds from Russia.
Russia may be able to retaliate with ransomware attacks
Western governments have been warning for weeks that escalating tensions might lead to devastating ransomware attacks by Russia or its supporters.
The recent SWIFT ban, according to numerous executives, may have been the impetus.
Global banks are beefing up network monitoring, conducting hacking drills, deep-scanning their networks for threats. Then, and staffing up in case hostile activity surges, according to cyber security experts.
Lastly, They’re preparing for a number of threats, including Russian ransomware attacks.
Ransomware can prevent a user from accessing their device or files until the attacker gets a ransom payment. Of course, which is usually takes place in Bitcoin.
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