Ransomware and malware attacks on financial institutions are rising sharply, with criminals shifting from simple data encryption to double extortion—stealing and threatening to leak data. Groups like Maze, DarkSide, and REvil operate as ransomware-as-a-service networks. Malware campaigns use phishing, credential stuffing, and “living off the land” tactics to penetrate systems. One sophisticated group, Jointworm (aka Evilnum), targets fintech and trading firms using spear phishing and stealthy infiltration, often maintaining access for 100+ days. Financial institutions need multi-layered defense strategies, rapid patching, and rigorous staff training.

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