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    Common Information Security Threats - Ethical and Legal 1

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    Dakshesh Patel
    This document discusses common information security threats faced by the banking industry, including organized crime targeting financial institutions, assaults on authentication, and malware. The main threats are described as organized cybercrime groups hiring hackers to attack bank systems, man-in-the-browser attacks defeating authentication, and malware spreading via drive-by downloads on legitimate websites. If banks' information systems were breached, it could result in loss of customer data, funds being rerouted, and widespread identity theft. Banks work to minimize these threats through security monitoring, updates, and employee education.

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    Common Information Security Threats - Ethical and Legal 1

    Uploaded by

    Dakshesh Patel
    27 views4 pages
    This document discusses common information security threats faced by the banking industry, including organized crime targeting financial institutions, assaults on authentication, and malware. The main threats are described as organized cybercrime groups hiring hackers to attack bank systems, man-in-the-browser attacks defeating authentication, and malware spreading via drive-by downloads on legitimate websites. If banks' information systems were breached, it could result in loss of customer data, funds being rerouted, and widespread identity theft. Banks work to minimize these threats through security monitoring, updates, and employee education.

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    This document discusses common information security threats faced by the banking industry, including organized crime targeting financial institutions, assaults on authentication, and malware. The main threats are described as organized cybercrime groups hiring hackers to attack bank systems, man-in-the-browser attacks defeating authentication, and malware spreading via drive-by downloads on legitimate websites. If banks' information systems were breached, it could result in loss of customer data, funds being rerouted, and widespread identity theft. Banks work to minimize these threats through security monitoring, updates, and employee education.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    27 views4 pages

    Common Information Security Threats - Ethical and Legal 1

    Uploaded by

    Dakshesh Patel
    This document discusses common information security threats faced by the banking industry, including organized crime targeting financial institutions, assaults on authentication, and malware. The main threats are described as organized cybercrime groups hiring hackers to attack bank systems, man-in-the-browser attacks defeating authentication, and malware spreading via drive-by downloads on legitimate websites. If banks' information systems were breached, it could result in loss of customer data, funds being rerouted, and widespread identity theft. Banks work to minimize these threats through security monitoring, updates, and employee education.

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    Common Information Security Threats - Ethical and Legal 1

    Information Security Threats to Banking Industries

    Trevor Wilkens

    CMGT-400

    February 20, 2016

    Professor: Crosby
    Common Information Security Threats - Ethical and Legal 2

    Banking industries are constantly getting attacked in multiple ways on a daily basis. The three

    main threats that face the banking industry are; Organized crime targeting financial institutions,

    Assault on Authentication, Malware. With technology steady improving, banks somewhat has to

    start adapting to the technology. The potential risks involved if any of these threats are ever used

    on the banking industry's computer systems, could be wide spread. Banks could lose all

    information on all transactions that have happened, they could also lose customers personal

    information, and money could be rerouted to a different bank or person, wide spread identity

    theft would be a major issue. There are so many things that could happen if a banks information

    systems were ever breeched that most banks cringe at the thought of this ever happening. In most

    cases the only thing that has happened are small cases of identity theft. Other potential threats

    would be the complete shutdown of all electronic information, the banks could be breeched to

    the point of a complete information systems shut down. In most cases the banks have a backup

    system in place in the event of these types of security breaches as well as natural disasters.

    During a security breech within the banking system everyone who does business with that bank

    and other banks who do business with that bank could all be effected if the breech went far

    enough before being discovered. The security teams within the banking system must always be

    constantly checking for attempts or attacks on their systems. Below is a list and description of

    the most common types of attacks on the banking or financial industry. Organized Crime

    targeting Financial Institutions

    Cyber-crimes from criminal organizations has risen over the past few years many of these have
    Common Information Security Threats - Ethical and Legal 3

    been located overseas and most of them have been based in Eastern Europe that hire and direct

    hackers on what they want done. The statement has been made that the battle lines between

    cyber-attacks by organized crime reaches far wider than just an institution's firewalls. One such

    organized cybercrime unit is the Russian Business Network they are one of the more well-known

    criminal organizations delving into the global networks of the financial institutions. Assault on

    Authentication, these types of attacks are occurring by using the online banking sites. One such

    threat is the man-in-the-browser attack this defeats the one-time-password authentication from a

    dedicated token (such as the popular RSA Secure ID). The next type of attack is the call

    forwarding that tops phone-based authentication as well as transaction verification using SMS or

    Voice calls. The MITB attacks have already started targeting two-factor authentication that is

    used to protect U.S. commercial online banking accounts. Malware

    Malware is leading in the infection methods because it is a drive-by-download (meaning it takes

    over a legitimate websites; routing visitors to an infection server). These attacks have doubled if

    not tripled within the last 2 to 3 years. The reason these attacks have increased is the use of social

    networks and being spread by these social networks. The banking industry has multiple teams of

    information security specialists that work each day to minimize the attacks and to close all spots

    of vulnerability that they can. The best way is to inform and teach all banking personnel what the

    potential threats are and those include the corrupt banking insider. The next best thing that can be

    done to prevent these attacks is the security teams monitor and watch the banking logs and check

    out all suspicious activity no matter how small it may seem. The next thing is to make sure all

    security software is kept up to date and that the system is being scanned daily and weekly.
    Common Information Security Threats - Ethical and Legal 4

    References

    banking information security. (2016). Retrieved from http://www.bankinginfosecurity.com/

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