Security Update: Rising Threat of Ransomware Attacks in Financial Services – 18 November 2023

In Cyber Security by Amaya Swanson

Matsco Solutions has observed a significant uptick in ransomware attacks targeting financial services. These cyber-threats pose a serious risk to the security and integrity of both data and operations.

Understanding the Threat
Ransomware is a type of malicious software designed to block access to a computer system or encrypt files until a sum of money is paid. The sophistication and frequency of these attacks have been increasing, making it crucial to stay vigilant and proactive in cybersecurity measures.

Best Practices for Enhanced Security
To safeguard your accounts and sensitive information, we recommend the following best practices:

  • Be Vigilant with Emails and Attachments: Exercise caution when opening emails, especially those from unknown senders. Be wary of attachments or links that seem suspicious or unexpected.
  • Regularly Update Software: Ensure that your computer’s operating system and all applications are up to date with the latest security patches. If you do not have patching with Matsco Solutions, this is a good time to implement the streamlined and continuous patching service with reporting and the ability to identify higher-risk machines.
  • Use Strong Passwords: Create complex passwords and change them regularly. Never use the same passwords for email, financial accounts, or in your personal/work accounts.
  • Enable Multi-Factor Authentication (MFA): Wherever possible, activate MFA for an added layer of security.
  • Backup Important Data: Ensure that your staff is not saving documents locally on their computers, which are often not backed up like server/cloud environments. To confirm your company is backing up all appropriate data, reach out to your account manager.

Review Account Permissions
In light of these threats, it’s also prudent to review the permissions associated with all accounts to ensure that access is restricted to necessary users and that permission levels are appropriate.

For a comprehensive review of your account permissions or for any assistance regarding cybersecurity measures, please don’t hesitate to contact our support team at or reach out directly to your account manager. If you’re interested in learning about Matsco’s cybersecurity training suite tailored to your company and staff, please reach out to your account manager.

At Matsco, we take the security of your information and assets very seriously and are committed to providing the necessary support to keep your accounts safe.

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