Financial institution cyberattacks intensify, with First Horizon being the latest target
A recent data breach at First Horizon National Bank, based in Memphis, Tennessee, has been reported, according to available information. The bank announced the breach on April 14th, but officials could not be immediately reached for comment regarding the details of the cyberattack.
The breach involved an unauthorized party gaining access to login credentials and exploiting a vulnerability in third-party security software. As a result, attackers were able to access less than 200 online accounts and steal personal information from the victims. The company has reimbursed the funds stolen and notified law enforcement and other relevant authorities about the breach.
First Horizon, following its merger with Iberiabank, now has $79 billion in assets and $60 billion in deposits. The bank affected by a data breach in 2021, which after discovery in April dealt monthly with closing affected accounts, reopening new accounts, and restoring impacted funds, was not explicitly identified in the available search results.
The report from BAE Systems Applied Intelligence states that attackers are building increasingly advanced capabilities to target core banking systems and becoming more aggressive, harming victims' ability to respond to attacks. The report indicates that 56% of U.S. and U.K. banks and insurers experienced a surge in financial losses related to cyber activity over the last year, averaging about $720,000 per incident.
A separate report from VMware shows a surge in cyberattacks against financial institutions, particularly since the COVID-19 pandemic began in early 2020. The report does not provide specific details about the surge in cyberattacks or the financial losses related to cyber activity in the U.S. and U.K. banks and insurers.
Attackers often target the weakest link, which is often a human, leading to phishing or spear-phishing attacks against IT staff. Third-party software vulnerabilities can range from VPN vulnerabilities to software libraries that provide one-time passcodes.
Corporate stakeholders are increasingly interested in understanding the risk associated with their technology stacks, with a focus on whether they are potential targets. The report from BAE Systems Applied Intelligence does not specify the exact number of financial institutions that faced a rise in cybercrime in the 12-month period after March 2020.
The report based on interviews with 126 chief information security officers from across the globe shows that 54% of financial institutions experienced destructive attacks against their organization, representing a 118% increase from 2020 figures. The report from VMware does not mention the financial losses related to cyber activity in the U.S. and U.K. banks and insurers.
First Horizon officials do not anticipate the data breach to have a significant negative impact on its financial condition or business operations. The bank has since fixed the software vulnerability, reset passwords, and is assisting affected customers in closing and reopening their accounts.
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