1 in 4 Malware Attacks Targets Financial Services Firms: Report

IntSights noted that the hacker hub Altenen.com — said to have facilitated massive credit card fraud and money laundering — was taken down last May after Israel arrested the site's manager. Undaunted, the cybercriminals reemerged as Altenen.nz, according to the report.

According to the report, financial services industry organizations based in developing countries — Latin America, Africa and South Asia — experienced attacks more frequently than developed regions of the world because of a lack of external facing security systems.

"Threat actors are using tactics like social media impersonation, malicious mobile applications and phishing schemes to circumvent corporate networks and leverage organizations' brands to trick users and run scams," Hadar Rosenberg, threat intelligence research analyst at IntSights, said in a statement.

"While these tactics are not always direct attacks against a corporate system, they can be incredibly damaging and costly. This is why organizations need to be operating in the external threat environment, monitoring potential threats before they manifest into attacks."

The report offered five recommendations for more effective cyber threat defense:

1. Infuse external intelligence into one's cybersecurity operations
2. Compliance with government mandates doesn't ensure security; focusing on risk can bolster security preparedness
3. Operationalize monitoring and mitigation to respond more quickly
4. Focus on threats that relate specifically to one's organization
5. Never underestimate the power of cybersecurity training.