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Ransomware plagues financial institutions as they face increasingly complex threats over previous years owing to the changing behavior of cybercriminal cartels, according to VMware’s latest Modern Bank Heists report.

This has happened as the cybercrime cartels have evolved beyond wire transfer frauds to target market strategies, take over brokerage accounts, and island-hop into banks, according to the report. 

For the report, VMware surveyed 130 financial sector CISOs and security leaders from across different regions including North America, Europe, Asia Pacific, Central and South America, and Africa.

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