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Running Head: CYBER ATTACKS


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I need help generating a good, strong Thesis for this paper.


Running Head: CYBER ATTACKS ON FINANCIAL INSTITUTIONS

 

1 Cyber Attacks on Financial Institutions

 

Niterson, Laplante

 

UMUC

 

20161105 CYBER ATTACKS ON FINANCIAL INSTITUTIONS

 

2

 

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

 

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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

 

(D'Amico, 2003).

 

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.

 

Speculative

 

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

 

4

 

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

 

5

 

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

 

(Taplin, 2016).

 

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

 

6

 

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

 

7

 

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.

 

Niterson,

 

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

 

8

 

D'Amico, E. (2003). Cyber risk up, costs down. Chemical Week, 165(20), 25. Retrieved from

 

http://ezproxy.umuc.edu/login?url=http://search.proquest.com.ezproxy.umuc.edu/docvie

 

w/222531884?accountid=14580

 

Hernandez, A. (2016). Cybersecurity and Smaller Financial Institutions. Michigan Banker, 28(1),

 

11.

 

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.

 

Good job

 


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I need help generating a good, strong Thesis for this paper.


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