Cyber Security Attacks On Financial Institutions - 1666 Words

For an extended period extending towards the end of 2014 until now, incidences of cyber security attacks on financial institutions have not only grown in number but also become sophisticated (Global banking and payment systems Practice, 2015). Lately, the criminals try to match the new security control measures with advanced security breach mechanisms and software. These criminals are known to introduce hybrid systems or devices like the variant DDOS (Distributed Denial of Service), which renders a system useless for some period. Others have referred to traditional means such as spoofing, which makes an organization s email address vulnerable by creating traffic on it after that the hacker retrieves some vital information (Serb e al, 2014). But even with that, it leaves many to think of the necessary measures to put in place, to avert this global paradox. Consequently, for the many incidences reported and the enormous sums of money looted, not to mention the data breaches, there rema ins one question that never seems to escape the minds of the stakeholders and victims of these gangs’ internet attacks. The question revolves around the reason as to why these incidences seem to be on the rise and not very many culprits are being reprimanded for their heinous acts. In other words, are there real causes of these issues or it is a matter of inside jobs as many testimonies have revealed after the culprits are snubbed in the act of trying to loot from financial institutions.Show MoreRelatedCyber Attacks Come With Enormous Financial Cost877 Words   |  4 PagesCyber-attacks come with immense financial cost When The New York Stock Exchange suspended all trading in June 2015, Financial Times’s headline was â€Å"NYSE trading suspension, not cyber attack†. 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The Holder Doctrine, which comes from a memo created in 1999, has been the reason behind a lack of criminal prosecution against big companies that were part of the reason of the United States financial setback in 2008. Because of this much of the fraud that led to the financial crisis