(Reuters) – Finance companies may need to strengthen their defenses in the face of a powerful cyber attack after employees began working from home, the Financial Stability Board said on Tuesday.
The FSB, which coordinates financial rules for the G20 group of nations, said teleworking since economies went into lockdown to combat COVID-19 opened up new opportunities for cyber attacks. Working from home is expected to remain in some form in the financial sector and beyond.
"Most cyber frameworks did not foresee a scenario of almost universal teleworking and exploitation of such a situation by cyber-threat actors," the FSB said in a report to G20 ministers and central banks.
The report is a first feature of lessons learned from the impact of the pandemic on financial stability.
The locking restrictions are easing, but financial companies have told employees that they can work from home several days a week permanently, and the rest of the time in the office.
Cyber activities such as phishing, malware and ransomware grew from less than 5,000 per week in February 2020 to more than 200,000 per week by the end of April 2021, the FSB said.
"Financi all institutions have generally been resilient but they may need to consider adjustments to cyber risk management processes, reporting of cyber incidents, response and recovery activities and management of critical third party providers, such as cloud services," said FSB
FSB, chaired by the FSB. Reserve Vice President Randal Quarles, made up of regulators and central banks from leading financial centers, will publish a final report in October with its next steps.
market problem of the year.