State-sponsored cyberattacks on banks on the rise

Cyberattacks on financial institutions are increasingly being linked to nation-states, resulting in destructive and disruptive damages rather than just theft, according to a report by the Carnegie Endowment for International Peace.

Out of 94 cases of cyberattacks reported as financial crimes since 2007, the attackers behind 23 of them were believed to be state-sponsored, the majority coming from countries like Iran, Russia, China and North Korea, the report found.