Potential for Phishing Campaigns After Multiple Bank Collapses

The failure of Silicon Valley Bank, Signature Bank, and Silvergate Bank has created anxiety and confusion across the financial services industry. (For more information about these bank failures, please read our article about Responding to Market Disruption.) For cybercriminals, the failure of these banks creates a unique social engineering opportunity as clients of these banks will be eager for information and updates, making them likely to fall victim to phishing attacks and business email compromise.

All firms - even those who were not clients of these banks - should remind their employees to use enhanced diligence when opening potential emails or links related to these banking closures. Additionally, private equity firms should be cautious of any capital calls and distributions requests that they receive via email.

How we help

Our cybersecurity and risk services can help organizations strengthen their line of defense against phishing attacks and other destructive cybercrime tactics.

• Aponix Protect™ builds a comprehensive cybersecurity and technology risk management program tailored to your business needs
• Business impact analysis and business continuity plans complete with robust policies, plans, and procedures, better protect your organization from data breaches and efficiently recover from a cyber incident or significant business disruption
• Staff training and threat monitoring educate your team on industry best practices, cyber trends, and emerging threats
• Vulnerability and penetration testing reduce the risk of financial, operational, and reputational losses that can result from a breach

For questions about this alert, or to find out how we can help you mitigate your firm's risk, please reach out to your ACA consultant or contact us.

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