Banks have long been targets for criminals and now with the proliferation of onl

Question

Banks have long been targets for criminals and now with the proliferation of online banking it has become even more difficult for banks to protect their assets. Most experts consider people to be the weakest part of security systems so social engineering is being used more often to illegally access the assets of a bank. Find a recent example (within 1-2 years) of a cyberattack on a bank that involved social engineering and describe it in about 500-700 words. Be sure to explain the nature of the attack, who was involved, what was damaged, who perpetrated the attack (if known), cost of the attack in monetary and societal terms. What could have been done to prevent (or lessen) the attack. What lessons can be learned from this attack. Be sure to provide at least three good references for your information.

Explanation / Answer

In many banks in the world there is no proper security during the cyber attacks and the security attacks continue to be challenge with their banks experience.

There are around 85 cyber attacks are going on every year in our world. So an average of each bank sector are in addition to the malware and penetration attacks received each day in a year.

So the focus banks shouldn't be on the hyperbole but how to make sure that operational management and security team can handle them.

The security team can and should handle the issue as a bank or business priority and hire continuously trained people in building cyber-resilient businesses.

So security teams can detected a high number of each company's attacks and 99% of people said they learned about the remainder of the attacks from their own employees.

Even all the IT teams at banks have customer data and limited credit card fraud which has been protected by the security. but the security of most banks are internal security system so there is still a need of securing is required.

There are some ideas on improving the network security in the IT banks as follows below:

- Adopting the mindset of the IT team to prioritize the most business critical parts.

- The network and use network segmentation to achieve the creation of network zones and limits the ability for a hacker to move laterally across a compromised network.

- Network segmentation requires continual updates and configurations in servers and systems in banks for better security and they must maintain the difference between a hacker and employees for troubling the computer and helping themselves to the banks ATM systems.

- Better to Implement an enterprise wide security policy to serve as a crucial road map for any bank IT team to maintain the security architecture.

- We should protect the banks systems and findout the best way for the network to operate with minimal risk.

- The security policy should always take the consideration for all the regulatory and enterprise compliance which are require and how to apply timely patches to maintain compliance in the business.

- There should be a good Security policy enforcement. So that the security policy can defines how the IT platform behaves and validate that it is being enforced across our network.

- Doing the minimal amount of security precautions and security steps with some regulations wont make our network safer. So the Organizations must monitor their network for changes to configurations and ensure the changes are approved and compliant with the policy maintained.

- Bank robbers are not committing physical acts in present days. There is a new generation of cybercriminals has been intimated the knowledge of banking systems and inner workings which are using the vulnerabilities to their advantage.

- So While managing the network security it can be a complex, resource intensive task, it is a crucial part for all the senior management and they cant have an accurate picture of the security posture at all times and they cant have the ability to act quickly to close the gaps in the business.

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