‘Financial sector records spike in malware attacks’

Cybervergent has revealed that there was a spike in attacks using the Remote Control and Surveillance Access Trojan (Remcos RAT) to target the financial sector in the first quarter of 2024.

In the report, the cybersecurity solutions provider disclosed that even though the Remcos was once a legitimate software, it has now been co-opted by malicious actors and is a prevalent tool in cybercrime campaigns granting attackers entry into victims’ devices, seizing control, stealing sensitive data, and introduce stealth backdoors to compromise entire systems.

“As vigilant cybersecurity gatekeepers, we have observed a significant surge in attacks leveraging the Remcos RAT malware,” said Gbolabo Awelewa, the chief solutions officer at Cybervergent.

The CSO noted that financial institutions are particularly targeted due to the sensitive nature of their data and assets. He advised that organisations must remain diligent and adopt proactive monitoring measures to safeguard against such threats.

Looking ahead, Adetokunbo Omotosho, chief executive officer of Cybervergent emphasised the firm’s focus on empowering organisations to navigate the complexities of cybersecurity and compliance.

“Cybervergent’s Assurance and Compliance Team has demonstrated unparalleled leadership in the cybersecurity domain, achieving significant milestones and delivering transformative solutions. Our journey through Q1 reflects a deep commitment to advancing the state of cybersecurity compliance, paving the way for a secure and resilient digital future for organisations in Africa and across the world,” he added.