Malware targets European banks

A minimum of 5% of devices employed by customers of Europe’s main banks are fraught with malware, according to one security firm.

Minded Security formed its opinion after using the AMT Banking Malware Detector software programme to gather data on affected customers, many of which are European banks.

The firm found that this particular malware contained 3% adware, 1.5% spyware, and 0.5% banking malware. The latter is the most commonly employed in data theft and taking over customer accounts.

The company’s managing director for the UK, Marco Morana, has observed the evolution of malware in the banking sector. He commented:

“Banking malware is constantly evolving, and escalating in sophistication, typical authentication and monitoring tools simply don’t stand up against these new threats. The financial sector needs to deploy anti-malware technology that is effective at detecting and identifying the risks associated with both known, and unknown malware threats.”

He told SC Magazine that the majority of bank failures regarding cyber security have been due to hidden software flaws, insufficient risk assessment, weak policies and mobile proliferation, and a lack of board-buy-in.

Morana went on to say that banks had been attacked through various methods, such as spoofed websites and phishing emails.

Malware is the bane of computer systems up and down the country, and is especially harmful to businesses holding customer data. In order to prevent, or at least recognise early, malware infection, it is necessary for those businesses to consider their priorities regarding IT security recruitment; it could be the difference between disaster and business as normal.