Banks on Alert as ‘Ripper’ Ransomware Raises Fears of System Freezes

Global banks are on heightened alert following intelligence reports about a new ransomware strain known as Ripper, which cybersecurity analysts say is designed to disrupt financial systems by targeting confidence and continuity rather than stealing money outright.

Cyber-intelligence firm CYFIRMA has confirmed that Ripper is an active ransomware family linked to attacks on financial infrastructure. Unlike traditional ransomware, which focuses on encrypting files for quick payouts, Ripper uses a more aggressive triple-extortion model — encrypting systems, stealing sensitive data, and deliberately complicating recovery.

Security experts say the goal is not immediate theft, but operational paralysis.

According to analysts familiar with the threat, ransomware strains like Ripper are engineered to corrupt low-level system components, forcing institutions to take systems offline for extended verification and recovery. While there is no confirmed evidence of permanent damage to bank ledgers, experts warn that even temporary uncertainty over data accuracy can trigger transaction freezes and regulatory intervention.

“This is about trust,” said one European cybersecurity official, who spoke on condition of anonymity. “If a bank cannot immediately confirm balances internally, it has no choice but to pause.”

Online speculation has focused on reports of so-called “phantom transactions,” but regulators stress that modern banking systems are highly redundant and backed up. The greater risk, they say, is delay — not disappearance of funds.

Financial institutions across Europe and North America are quietly reviewing contingency plans, according to people familiar with the matter. Customers may experience prolonged maintenance windows or temporary service disruptions as banks verify system integrity.

Cyberattacks on banks are no longer about emptying accounts, experts say. They are about creating enough uncertainty to force payments or concessions.

For now, officials emphasize that there is no indication of a systemic banking failure. But the emergence of Ripper underscores a growing reality in global finance: confidence itself has become a target.