I need help generating a good, strong Thesis for this paper.
Running Head: CYBER ATTACKS ON FINANCIAL INSTITUTIONS
1 Cyber Attacks on Financial Institutions
20161105 CYBER ATTACKS ON FINANCIAL INSTITUTIONS
Cyber Attacks on Financial Institutions Within the recent past, there have been many cases of a data breach by hackers and
unauthorized access, especially in the financial institutions. Even though all organizations are
facing the risk of data breach, the financial institutions are the major targets in the history of
cyber-attacks (says who?). The criminals have been using the online banking portals and the
online payment systems to transfer money from the financial institutions to their personal
accounts. These perpetrators have also seized the control of the automated teller machines,
causing the cash in these machines to be dispensed at predetermined periods awaiting recipients
in the technical and widespread cyber heists. According to the Kaspersky?s Lab, a security firm
in Moscow, estimates that the coordinated cyber-attacks against banks and small financial
institutions that were initiated in 2013 recorded losses of up to USD$ I billion (source?).
According to the theft resource center, the number could be a lot higher considering that there are
other data breaches that are never reported (source?). It is high time the financial institutions and
banking agent?s device measures to curb the rapid developing cyber-attacks and data breaches in
their institutions. What is your thesis statement? What is your essay about? Your thesis statement
should reflect cause and effect, not just one or the other.
The risks of the cyber security breaches in organizations have been seen to persists, and it
is even increasing, although the financial losses from the breaches have dropped since the past
year (source?). The report is in accordance with the cybercrime survey that was conducted by the
computer security Institute, San Francisco, and the FBI (source?). The firms and institutions have
also developed latest security technologies, but they still stand a risk of being victims to cybercrimes. The losses by the cyber-crimes have declined over the years, as most financial CYBER ATTACKS ON FINANCIAL INSTITUTIONS
institutions are devising high power techniques to shield their databases (source?). The federal
government has also been an active player in fighting the cyber-crimes by cracking down the
alleged hackers in publicized investigations (source?). The rampant cyber-attacks in the past
might have been due to the lack of the advanced technologies to prevent hackers from accessing
the systems as well as the lack of adequate information on how to develop better-customized
databases that can only be found through authorization details issued by the institution
The chemical industry data Exchange (CIDX) is a firm that has been working to improve
the resistance to the cybercrimes (source?). The companies ventured into developing e-business
and cyber-security standards to be used by industries. The businesses are taking risks in
addressing the cybersecurity the same way they engage in addressing the site and physical
security. They are serious enough to dedicate much of their time in areas where there is higher
risk, greater vulnerability as well as more major consequences. The CIDX has joined efforts with
the ACC to develop and implement a guidance document on cyber security. In the document,
there are strategies to be followed in the management exercise of the security code. The CIDX
was given the mandate to develop cyber-security practices for investors to allow them to develop
more secure IT products. There is also the instrumentation systems and Automation Society
(ISA) that has been on the forefront to develop cyber-security standards for all industries.
With all these efforts, it appears that the frequent attacks on the institutions were as a
result of the lack of appropriate technology and equipment to fight cyber threats (says who?). It
is also possible that organizations across industries did not have clear guidelines that they could
use to ensure their systems were well secured and protected from hackers and unauthorized CYBER ATTACKS ON FINANCIAL INSTITUTIONS
access. However, the vulnerability of institutions to cyber-attacks varies depending on the size of
the industry and the experience of the business in the industry. Speculative Smaller organizations are found to rely heavily on preventive measures. The fact behind
the case is that they either have little or no IT support and few of them have cyber security
experts. They depend on outsourced services to monitor and manage their services. The
monitoring of their firewall depends on deployed IDS or IPS system that is outside the firewall to
fight the external threats. These smaller institutions are seen to deploy desktop or servers that are
based on either AV or AM and have certain web filtering and email filtering solutions in place.
Research has proven that smaller organizations have lesser chances of having deployed detective
measures. Personnel in the business of cyber security are aware that the anti-virus solutions only
offer your business with protection from the small subset of malware attacks. As such these are
never convenient for institutions to be conversant that they have secured their systems. In history,
more than the experienced cyber-attacks are not being blocked by the preventive measures. Thus,
it is better to have a greater emphasis on the detective measures. When the smaller institutions
have the expertise at their disposal, to offer education on the management and implementation of
solutions, alongside the investigative processes, cyber-attacks will be eliminated in the
businesses (Hernandez, 2016).
It is ascertained that smaller organizations do not collect enough event data of their entire
if at all they are collecting. Institutions are expected to be collecting all their events data and
secure them in a protected database. Financial institutions with no log on data collected will
agree that the risk being hacked. The covering of a critical system of a valuable business is the
starting point of the event data collection. However, responding to any kinds of breach will need CYBER ATTACKS ON FINANCIAL INSTITUTIONS
the business to gather the data from both the critical and the non-critical systems to have a
comprehensive response to the incident. As such, a financial institution can decide to lock all its
valuables in a system that can only be accessed through access point with strong key codes on
the entrance. Keeping the valuables in a desk drawer that is easy to access will depend on how
big the desk is and how secure it is from unauthorized access. The smaller financial institutions
are highly discouraged to have to wait until the point when the valuables would have disappeared
but instead, implement measures to detect them before they fall into unauthorized persons
Considering the risks that smaller institutions are facing regarding cyber stacks, they
should have their risk management plans in their daily schedule. This will assist them always to
be prepared to prevent, detect and eliminate threats to their systems. The secured lenders are
acknowledged as astute risk managers able to identify and lay down strategies that will blunt the
negative effects of the uncertain future events. While they will be executing their riskmanagement plans, the secured lenders always look for an advantage in the underwriting allow
profitable origination of the new business. The likelihood and the severity of the new risk threats
by the cyber risks have increased (Allen & Derr, 2016). Considering this fact, the smaller
financial institutions should engage in strategic measures that will aid in the development of
preventive, detection and elimination techniques of cyber threats immediately they show up
signs. The entire agenda of the business should not pass without the issue of risk management
being discussed. It is essential to prepare the financial organization to effectively combat any
threats by the hackers or unauthorized access to private data that will be a breach of their system.
Many organizations have been out developing customized system software?s that protects the
data of private institutions and organization from being hacked. The small FI should hold such CYBER ATTACKS ON FINANCIAL INSTITUTIONS
technology organizations relevant and have them design technology, anti-cyber threat systems
(Al-Saadoo & Al-Hamami, 2015).
Most of the financial institutions especially the banks are becoming more worried about
the issues of the increasing rates of cyber-attacks known as the distributed denial of service
(DDOS). The attack has been seen to cause a lot of losses in the financial agencies claiming
billions of cash to banks. According to the comprehensive monitoring of the financial services,
institutions are more worried about the further losses of funds to the DDOS that was organized in
Lagos by Maine and Redware, calling for the support of technology solutions that would help in
addressing the threat (Sieklik, Macfarlane & Buchanan, 2016). Research has shown how much
banking and financial institutions had suffered major attacks from the DDOS attacks. However,
since these years, the financial institutions and banking agents have started seeking solutions that
assist them in addressing these issues. Since these attacks that took place in Nigeria, and were
feared to spread around the globe, financial institutions have been seen to engage in measures to
prevent, detect, and eliminate threats of any kinds. There are also technology companies coming
up with various solutions to the issue as they try to customize system software?s that will protect
organizations? databases from being breached or hacked (Yu, 2014).
The study has shown how rampant cyber-attacks have been around the world. It has also
proven that cybersecurity is critical to the financial institutions to protect their database from
being interfered with by the hackers. Kaspersky?s Lab, a security firm in Moscow has given an
estimate that the coordinated cyber-attacks against banks and small financial institutions that
were initiated in 2013 recorded losses of up to USD$ I billion. An estimate is a number that was
seen to raise concerns, and other organizations were seen to come up with such measures to help
in detecting and eliminating such cases. The CIDX has joined efforts with the ACC to develop CYBER ATTACKS ON FINANCIAL INSTITUTIONS
and implement a guidance document on cyber security. Smaller organizations are found to rely
heavily on preventive measures. The fact behind the case is that they either have little or no IT
support and few of them have cyber security experts. It is ascertained that smaller organizations
do not collect enough event data of their entire if at all they are collecting. The smaller financial
institutions are highly discouraged to have to wait until the point when the valuables would have
disappeared but instead, implement measures to detect them before they fall into unauthorized
persons. The small FI should hold such technology organizations relevant and have them design
technology, anti-cyber threat systems.
Good job. However, you do not have a clear thesis statement that reflects cause and effect. Also,
some of your points are based on speculation, as they are not properly backed up by sources.
Please review it carefully, make the necessary changes, and post your final draft on the due date.
If you have any questions, please e-mail me.
Prof. Kpalukwu References
Al-Saadoo, G. W., & Al-Hamami, A. H. (2015). Handbook of Research on Threat Detection and
Countermeasures in Network Security. Hershey, PA: Information Science Reference.
Allen, G., & Derr, R. (2016). Threat Assessment and Risk Analysis : An Applied Approach.
Amsterdam: Butterworth-Heinemann. CYBER ATTACKS ON FINANCIAL INSTITUTIONS
D'Amico, E. (2003). Cyber risk up, costs down. Chemical Week, 165(20), 25. Retrieved from
Hernandez, A. (2016). Cybersecurity and Smaller Financial Institutions. Michigan Banker, 28(1),
Sieklik, B., Macfarlane, R., & Buchanan, W. J. (2016). Evaluation of TFTP DDoS amplification
attack. Computers & Security, 5767-92. doi:10.1016/j.cose.2015.09.006
Taplin, R. (2016). Managing Cyber Risk in the Financial Sector : Lessons From Asia, Europe
and the USA. London: Routledge.
Yu, S. (2014). Distributed Denial of Service Attack and Defense. New York, NY: Springer.
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