A Key Cybersecurity Threat: Banking Trojans

A banking Trojan is a type of malicious computer program that is designed to gain access to confidential information stored or processed through an online banking system. However, recently, banking Trojans have evolved as cyber criminals have been able to acquire different account credentials through email accounts. To improve your businesses’ cybersecurity, we recommend that organizations purchase breach response coverage and also implement best practices for risk management.

Rose & Kiernan, Inc. uses Beazley Breach Response (BBR) Services for a large number of our clients. Recently, Beazley reported that not only are ransomware attacks increasing in frequency, but also size. Hackers are now shifting focus toward targeting larger organizations and also demanding higher ransom payments. While banking Trojans aren’t new, the number of incidents involving them has definitely increased.  Also, according to Beazley, “Today’s banking Trojans are more dangerous and disruptive, and once infected, organizations have a hard time eradicating them from their network.” It’s important to be alert, take steps to prevent banking Trojans, and act quickly if you think you’ve been infected.

Beazley offers the following advice to businesses to help be aware of risks associated with banking Trojans:

• Keep employees aware of any phishing attempts and provide them with a tip sheet on banking Trojans.
• Provide regular training for employees on best cybersecurity best practices such as not opening unsolicited attachments and links from unknown sources, not allowing macros to run, or to be cognizant of any links that lead to web pages asking you to enter in login credentials.
• Remind employees not to share any personal login information on their computers, including through their browser.

Of course, cybersecurity insurance is important and recommended, as it helps a business recover from a security breach or other cyber event. For more information on Rose & Kiernan’s cybersecurity risk management, please contact us at techrisksolutions@rkinsurance.com. Click here to learn more about cybersecurity insurance.