Knowledge Base

What role does artificial intelligence (AI) play in this?

AI cannot currently attack us directly, but it can help attackers improve their methods. By using AI, for example, phishing campaigns can be organized more effectively. Publicly available personal data can be used to create personalized emails that are very convincing. With the help of deepfake technology, it is even possible to use AI to fake people in video conferences.

However, we as defenders can also make use of AI to detect attacks as early as possible and thus counteract them very quickly or initiate automatic countermeasures. The challenge here is that for 100 attacks, we need to succeed 100 times, while an attacker only needs to succeed once.

What are the perpetrators’ goals when they attack companies and authorities?

To understand the goals of hackers, it is important to recognize what motivates them. We often see financial motivation, where hackers aim to make money by encrypting data, extorting ransom, or carrying out fraudulent activities. They may also steal data and intellectual property to gain a market or military advantage. Some hackers act purely out of destructive motives to cause damage or spread chaos.

Additionally, there are politically motivated hackers who spread misinformation to cause confusion, manipulate people, or achieve specific goals, such as political change or discrediting institutions. The motivations behind hacker attacks can often overlap and are complex.

What is the target of attacks on the financial sector and banks? What type of cyber attack is especially dangerous?

Attacks are a serious threat not only to the financial sector but especially to banks and insurance companies. The aim is often to steal data or manipulate payment transactions. Ransomware attacks are particularly dangerous; criminals use malware to gain access to data and encrypt it. An attack often serves to cripple a company’s systems, giving criminals leverage to extort ransom money.

Unfortunately, such malware attacks have become a well-established business model for criminals and represent the fastest-growing area of cybercrime. They have already affected various large corporations, medium-sized companies, hospitals, and local authorities. Even private individuals can be impacted. As attacks become more professional, they cost victims significant time and money.

How do financial organizations protect themselves against such attacks – especially banks?

I’d like to return to the onion principle, which Petra also explained in the video. Banks protect themselves against cyber attacks through various layers of defense. If one layer fails, another takes over.

Different measures are in place to counteract various types of attacks, including methods for quickly restoring systems and solid defense strategies. Our team, known as the Security Operations Center (SOC), works around the clock to protect our clients’ data and the bank’s systems. Obviously, that’s all I can really say about that – for security reasons.