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Federal Reserve System Security Incident

Q1 2023 974 days ago Resolved

Incident Overview

Situation Description

The financial sector is particularly at risk from ransomware attacks, which have become more sophisticated and pose a significant threat to U.S. critical infrastructure.

Event Types

Ransomware Malware / Destructive Attack

Industry Sector

Finance

Geographic Scope

National (US)

Response Actions

Implemented Advanced Authentication Hardened Attack Surface Enhanced Third-Party & Supply Chain Risk Management

Impact Analysis

Event Types (2 identified)

Ransomware Malware / Destructive Attack

Financial Impact

$0 USD

Records Affected

Data Types Compromised

PII (Personally Identifiable Information) Financial Data (Credit Cards, Bank Accounts)

Primary Impacts

Operational Disruption Financial Loss Legal/Regulatory Penalties Reputational Damage

Key Decisions Made

Banks should ensure that sanctions risk is properly addressed by keeping abreast of the latest regulations from relevant U.S. government agencies.; Banks may consider obtaining cyber insurance to partially reduce financial exposure.; Banks should implement a defense-in-depth strategy including security controls, diligent patching, network segmentation, restricting administrative privileges, multifactor authentication, and advanced email filtering.

Technical Analysis

Attack Method

Unknown

Vulnerability / Tool

Unpatched Vulnerability Phishing Compromised Credentials RDP

Additional Information

FedLinks Topical Index Glossary Feedback Subscribe Federal Reserve System Community Banking Connections A Supervision and Regulation Publication About Us System Outreach Policy and Guidance District Connections Archives FedLinks Subscribe Disclaimer Feedback Contact Us Home > Second-Third Issue 2023 > Ransomware: A Multifaceted Menace Print Article Ransomware: A Multifaceted Menace by Colin Gavin, Lead Risk Management Specialist, Supervision and Regulation, Federal Reserve Bank of Chicago, Ahmed Hussain, Senior Risk Management Specialist, Supervision and Regulation, Federal Reserve Bank of Chicago, and William Mark, Lead Examiner, Supervision and Regulation, Federal Reserve Bank of Chicago Ransomware has become a well-known, everyday term. Department of Homeland Security Secretary Alejandro Mayorkas defined ransomware as a particularly egregious type of malicious cyber activity that usually does not discriminate whom it targets. It is malicious code that infects and paralyzes computer systems until a ransom has been paid. 1 Ransomware is commonly spread through user action, such as clicking on phishing emails or spam or by visiting an infected website, and often culminates in an ominous extortion threat being displayed on the victims screen. The risk of a ransomware attack is omnipresent. However, the financial sector is particularly at risk. Based on an analysis of ransomware-related suspicious activity reports (SARs), the Financial Crimes Enforcement Network (FinCEN) noted that ransomware continues to pose a significant threat to U.S. critical infrastructure sectors, businesses, and the public. 2 Although any person or company is a potential target of these attacks, domestic and internationally active U.S. banks are common targets. The SANS Institute 3 reinforced the magnitude of ransomware threats by noting that the financial services sector is among the top targets (see Table). Table: Extent of Ransomware Breaches and Exposures Q1 2023 Q1 2022 Q1 2021...

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Quick Facts

Company:: Federal Reserve System
Date:: Q1 2023
Status:: Resolved
Decision Maker:: nan
Position:: nan
Published:: 2023

Source Information

Original Query

JBS Foods ransomware incident response communication strategy analysis

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Timeline

Information Published

2023

Incident Occurred

Q1 2023 (974 days ago)

Status: Resolved

Estimated resolution based on age

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