What Bankers Need to Know About Akira Ransomware, and How to Defend Against It

Ransomware remains one of the most pressing threats to financial institutions, and a group called Akira has quickly risen to the top of that list. Since its emergence in 2023, Akira has impacted hundreds of organizations worldwide, raking in millions in ransom payments while targeting industries that manage sensitive customer data, banks included.

For financial institutions, the stakes are uniquely high: trust, compliance, and customer relationships depend on resilience against attacks like these. Here’s what bankers need to know.

What Is Akira Ransomware?

Akira is a Ransomware-as-a-Service (RaaS) operation, meaning criminal affiliates can “rent” the malware to deploy attacks in exchange for a share of ransom profits. Like many modern ransomware strains, Akira uses a double-extortion model: before encrypting files, it steals sensitive data, threatening to leak it if the ransom isn’t paid.

According to joint advisory published by CISA, the FBI, Europol, and the Netherlands’ National Cyber Security Centre (NCSC-NL), by early 2024, Akira was linked to more than 250 victims and estimated ransom earnings of over $40 million, making it one of the fastest-growing threats in the cybercrime landscape.

How Banks Are Targeted

Financial institutions are attractive targets because of their data-rich environments and urgent need to maintain operations. Akira commonly exploits:

• Vulnerable VPNs and remote access tools 

• Stolen or weak credentials obtained via phishing.

• Lateral movement inside networks, often using credential-dumping tools.

• Exfiltration techniques before encrypting data, ensuring leverage even if backups exist.

This makes both prevention and rapid detection critical.

Safe Cyber Practices Every Bank Should Adopt

1. Patch and Harden Systems

• Prioritize patching VPN and RDP vulnerabilities.

• Regularly scan for misconfigurations and legacy systems.

2. Enforce Strong Authentication

• Require multi-factor authentication (MFA) for remote and privileged access.

• Explore emerging options like passkeys to reduce phishing risks.

3. Train Staff Relentlessly

• Simulate phishing campaigns with real-world scenarios.

• Educate frontline staff, IT, and executives on how ransomware groups operate.

4. Strengthen Backup and Recovery

• Follow the 3-2-1 backup rule: three copies, two media types, one offline.

• Test recovery plans to account for double extortion scenarios.

5. Apply Zero Trust and Least Privilege

• Limit user permissions to what’s strictly needed.

• Segment networks to prevent lateral spread.

6. Invest in Detection and Response

• Deploy Endpoint Detection and Response (EDR) tools to spot suspicious behavior.

• Prepare an incident response playbook and rehearse it regularly.

7. Secure Third-Party Relationships

• Ensure vendors and managed service providers uphold the same cyber hygiene.

• Monitor access pathways between the bank and external partners.

Building a Safety Net with Cyber Insurance

Even with the best defenses, no organization is completely immune from ransomware. That’s why many banks are now looking at cybersecurity insurance as an added layer of protection.

At CPIA, we offer specialized cyber insurance coverage designed to provide financial support and expert resources if an unexpected attack like Akira strikes. From covering the costs of incident response and data recovery to helping manage regulatory exposure and reputational harm, cyber insurance gives banks the peace of mind that they have a safety net in place while they strengthen their defenses.

Importantly, most of our banks’ cyber policies go beyond financial reimbursement. They also include a 24/7 hotline and access to pre-vetted vendors for critical services like incident response, forensics, data recovery, legal support, and even proactive tools to help prevent a breach in the first place. These resources are available before, during, and after an attack, and banks should be taking full advantage of them as part of their ongoing cybersecurity strategy.

Why It Matters

Banks don’t just face financial loss in a ransomware event, they face regulatory scrutiny, reputational harm, and erosion of customer confidence. By learning from Akira’s tactics and strengthening defenses today, banks can reduce their risk tomorrow.

Final Thoughts

Akira ransomware is a stark reminder that cybercriminals adapt as quickly as defenses evolve. For banks, cybersecurity is not only an IT responsibility but a business imperative. Executives, compliance officers, and front-line staff all play a role in protecting sensitive data and ensuring operational resilience.

The good news? With layered defenses, continuous awareness, robust recovery plans, and the added security of cyber insurance, banks can stay a step ahead of Akira and the next wave of ransomware threats.