A wise man once said, “Give a man a gun and he will rob the bank. Make him a cyber-expert and he will rob the world”.
In the 21st century banks are no longer operating under the threat of robbery but are performing under the threat of cyber-attacks. Yes, as you can see there is a huge shift in the bank heists, first; it was physical and now it is computer frauds. However, it doesn’t end with the computer frauds but has taken one step further and become “cyber hacks.” As individuals as well as companies are going cashless and using digital money to make necessary transactions, it has become more important than ever to protect the banking server from the cyber breaches. Now those who still think that cyber security is not important must pay a close attention to this blog post.
Some of the Greatest Cyber-Attacks on Banks in the History
These are some of the greatest online bank heists that you will read in Cyber Security Certification Training Course.
The 2012 DDoS Attacks
- The attack targeted Bank of America
- Economic target done to the targets
- The objective of this attack is to keep customers from accessing their information
- The bank lost business which is equal of losing money
The 2013 South Korea Bank Hack
- Hackers bricked computers, disrupted financial networks, and crashed ATMs
- Everything was standstill for days
- Although it lacked some basic obfuscation it was affective
- It had the capability of disabling Linux systems by overwriting their master boot record
The 2013-2015 Carberp Trojan
- It was two years long attack that stole had stolen a billion dollars or more from global banks
- Custom malware known as ‘Carberp’ used to steal money from 100 banks
- Done by targeting bank administrators and clerks through phishing
- Affected several economies across the globe
The 2014 JP Morgan Data Breach
- Affected around millions of people, and seven million businesses
- Stole the information and set up the stock fraud scheme
- Garnered around $100 million before shutting down
- $250 per year on information security went to naught
The 2016 SWIFT Hack
- Unknown attackers who were linked to- North Korea stole $81 million
- Three banks were involved in the entire process
- Through phishing user ID password were hacked
- Hackers took over the SWIFT
Will You Be Next?
Now after taking a quick glance over some of the greatest bank hacks in the history, do you still think your bank is safe and not on the target list of a malicious hacker? Let alone the bank, you perform day-to-day transactions through your smartphone, do you think it cannot be hacked? Now, the next possible question is what can be done to protect your banking from cyber-attacks? To prevent any threat, you first has to understand what it is. Similarly to come up with the security plan, you have to ensure what loopholes or risks triggers the attacks. So, let’s take a look at risks that are associated with the online banking:
Risks from the mobile apps
There are many individuals like me who access their bank accounts on day-to-day basis to conduct transactions. Out of all there are only a few who have some sort of security to protect their applications from the malicious attacks. What can be done to protect your application transfer? Well, it is simple, all you have to do is install banking software solutions that will protect your applications from malicious attacks.
Breaches through the third-party
Yes, we cannot deny the fact that banks has upgraded their security system to prevent the cyber-attacks. That’s the reason hackers have turned their target to third parties to gain the access to the server because they are not heavily guarded, they can breach it easily.
Risk of crypto currency hacks
The crypto currency hacks are one of the most common hacks in the 21st century. Since this sector is sort of unsure how to implement the cybersecurity software for banking make them an easy target in the eyes of hackers. Especially when there is constant change in value.
How To Protect Your System With Software?
After reading all these information and considering the current state of security you must be thinking about enhancing your current protection strategy. Here are some things you can do to protect your banking server from cyber-attacks:
Regular Security audit
A complete system audit is necessary right before you implement any new cyber security software. The audit helps to highlight both strength and weakness of the current security system. Furthermore, it can help to come up with the some updates to enhance security and save overall cost.
Build a firewall
Banking applications are not the only thing that are covered under the cyber security strategies, it also take the right hardware to dodge the cyber-attack. With the updated firewall, banks can easily block the malicious snoopers even before they make their path to the network.
Although a powerful firewall can protect your system from the cyber-attacks, it just cannot make it stop unless you have the anti-malware applications. Older application version may not have the new rules therefore, it is important to update the-malware applications on time-to-time basis.
Biometrics is the new version of MFA which is far better than code authentication. Such authentication relies upon the thumbprints, retina scan, and facial recognition to confirm the identity of the users. There are less chances that hackers can access these types of authentications.
Training and certification
Attaining the best online certification training courses in Dubai can help you gain knowledge and build skills required to protect the crucial login credentials. When educated about the cyber risks, the candidates will take precaution to protect their assets from getting robbed.
In the end, it is very implement the right cyber security strategy to perform the safe banking. However, if you take the Cyber Security Certification Training Course then, you will not only able protect your interest but also the assets of your organization. To get more information, please visit the ProICT Training.