At the same time, ransomware attacks—which allow hackers to disable a firm’s systems and seize prized data like financial records until a ransom is paid—have quadrupled in the U.S. since 2020, the agency reported.
To protect critical U.S. infrastructure, including the financial services industry, the Cybersecurity & Infrastructure Security Agency recommends firms take an active approach to cybersecurity issues. Specifically, they should:
• Quickly detect a potential intrusion;
• Ensure they are prepared to respond if an intrusion occurs;
• Maximize their organization’s resilience to cyber-incidents; and
• Immediately report them.
When these incidents “are reported quickly, we can use this information to render assistance and as a warning to prevent other organizations and entities from falling victim to a similar attack,” the agency said.
Finra said in its alert: “Implementing the recommended steps will assist your firm in protecting its critical assets, including confidential customer and firm information.”
The cyberattack warnings follow earlier reminders from Finra and the SEC about U.S. sanctions and their potential impact on investments.
“The U.S. government has imposed sanctions in response to Russia’s actions in Ukraine,” the regulator said. “Finra encourages member firms to continue to monitor the Department of Treasury’s Office of Foreign Asset Control (OFAC) website for relevant information.”
Finra also highlighted five major Russian financial institutions and the “Russian elites close to Russian President Vladimir Putin”—all now targets of the Treasury Department following an executive order from the White House.