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Silicon Valley Bank Collapse Prompts Cyber Fraud

Release Date: March 2023
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The collapse of the Silicon Valley Bank and the banking crisis that has ensued is causing considerable fear, uncertainty and doubt throughout the technology, finance and related sectors. The impact that this has on cyber risk may not be everyone’s first thought, but hackers regard this as a golden opportunity.

Fear, uncertainty and doubt put people in a frame of mind where they are looking, often with urgency, for a solution to a very pressing problem. Hackers craft phishing emails and use social engineering techniques to exploit people’s fears, creating what appear to be messages from trusted sources (banks, financial institutions, brokers) urging the victims to take immediate action.

Cyber Solutions at Aon’s Cyber Risk Related to SVB Collapse offers timely advice on how hackers are planning to use this opportunity and how to recognize, defend against, and respond to these threats.

Read more articles by Tom here.

Aon is not a law firm or accounting firm and does not provide legal, financial or tax advice. Any commentary provided is based solely on Aon’s experience as insurance practitioners. We recommend that you consult with your own legal, financial and/or tax advisors on any commentary provided by Aon. The information contained in this article and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity.

Tom Ricketts


The Professional Services Practice at Aon values your feedback. To discuss any of the topics raised in this article, please contact Tom Ricketts.

Tom Ricketts
Senior Vice President and Cyber Risk Leader
New York

Bryan Hurd

The Cyber Solutions team at Aon can help you understand and quantify your cyber risks. Please contact Bryan Hurd.

Bryan Hurd
Managing Director, Aon Cyber - Stroz Friedberg