FS-ISAC Says Cyber Attacks Expected To Intensify

In a recent article issued early March-2022 in BNN Bloomberg, the Financial Services Information Sharing and Analysis Center, known as FS-ISAC, said in its annual report on cyber threats that global tensions could fuel further attacks by state-backed hackers and patriotic hacktivists. In addition, after a series of devastating breaches on the software supply chain, the group warned that its members need to be wary of potential nation-state meddling in products and services being used.

“We expect current trends to continue and possibly worsen over the next year,” according to their report, which was released on 10-March-2022. Saying that cybersecurity is “no longer just a back-office cost,” the group warned that cyber threats pose critical business risks, including operational disruption, lawsuits and credit downgrades.

FS-ISAC, which shares cyber intelligence among financial institutions around the world, published the report at a time when Russia’s invasion of Ukraine has kept organisations in the U.S. and elsewhere on alert for possible retaliatory attacks. So far, those fears appear largely unrealized, and cyberattacks have played a smaller role in the conflict than many predicted.

The report represents a relatively rare example of an industry publicly acknowledging cyber risks and encouraging its members to prepare for them.

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