Imagine a major financial institution, like a bank, suddenly discovering that its entire customer database has been compromised. Hackers have gained access to sensitive information, including account numbers, social security numbers, and personal identification details.
The hackers don’t just stop there—they start siphoning off small amounts of money from thousands of accounts, making it difficult to detect at first. Customers begin to notice unauthorized transactions, and panic spreads as news of the breach goes public. The bank’s reputation takes a massive hit, and trust in the financial system is shaken.
The IT team scrambles to identify the breach’s source and secure the network, but the hackers have left behind sophisticated malware that keeps reopening backdoors. Meanwhile, the bank faces lawsuits, regulatory fines, and a massive effort to compensate affected customers.
These scenarios are exactly what we are constantly trying to improve our defenses against. Evolve Bank & Trust recently had something similar happen to them from the LockBit ransomware gang.
Phishing Email: An employee received a seemingly legitimate email containing a malicious link. The email was crafted to look like it came from a trusted source, making it difficult to recognize as a threat.
Malicious Link: When the employee clicked on the link, it triggered the download of malware onto their computer. This malware provided the hackers with a foothold in the bank’s internal network.
Lateral Movement: Once inside, the hackers used the malware to move laterally across the network, gaining access to various systems and databases. They exploited vulnerabilities and used stolen credentials to escalate their privileges.
Data Exfiltration: Over time, the hackers collected sensitive data, including customer names, social security numbers, and bank account details. They then exfiltrated this data without triggering immediate detection.
