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Introduction
Cyber terrorism is a growing strategic threat to businesses and organizations dealing with banking and financial services. Cyber terrorism is of varying types and individuals or groups involved in such activities have agendas different than an ordinary hacker or cyberbullies. According to statistics, almost 122,000 people lost their lives due to terrorist activities in just the previous 3 years and insured losses reached up to 173 million (Michel Kunreuther, 2018). These causalities and damages are directly linked with their malicious activities related to financial and IT sectors and departments as only in 2016, they undertook 346 attacks on the global supply chain. It has been reported that terrorist organizations are using of computing techniques and expertise in order to launch attacks against their targets. In this background paper, several techniques and practices of prevention are discussed for the implementation in PBI-FS, the financial service acquired by Padgett-Beale.
Analysis
Cyber terrorists gave been using different platforms for launching attacks on financial services over the years. It is important to understand and have a clear idea of these activities in order to prevent them in the future. Mobile Banking is one of the popular attack vector used in previous years by cyber terrorists. They do so by using Trojans and viruses using mobile applications of Marcher/Android by virtue of auto-install vulnerabilities. Along with that, SMS fishing, encapsulating Trojans in the form of updates, fake web addresses or emails are also used frequently for this purpose ADDIN ZOTERO_ITEM CSL_CITATION citationIDIfTwejcC,propertiesformattedCitation(Littl3field, 2018),plainCitation(Littl3field, 2018),noteIndex0,citationItemsid521,urishttp//zotero.org/users/local/5OlhLovK/items/IZ377F8Y,urihttp//zotero.org/users/local/5OlhLovK/items/IZ377F8Y,itemDataid521,typewebpage,abstractContents n2. Executive Summary n2.1 Keywords n3. Introduction n3.1 Aim and methodology n4. What is cyber terrorism n4.1 Origins and,container-titleMedium,languageen,noteLibrary Catalog littlefield.co,titleCyber Terrorism understanding and preventing acts of terror within our cyber space,title-shortCyber Terrorism,URLhttps//littlefield.co/cyber-terrorism-understanding-and-preventing-acts-of-terror-within-our-cyber-space-26ae6d53cfbb,authorfamilyLittl3field,given,accesseddate-parts2020,3,2,issueddate-parts2018,2,28,schemahttps//github.com/citation-style-language/schema/raw/master/csl-citation.json (Littl3field, 2018). Another kind is an extortion attack to extort banks and financial services where a person calls a bank or organization and ask for an amount of 1Million for the information they managed to steal.
Phishing attacks have also become abundant due to advancements in the cybersecurity industry. Previously, to launch a phishing attack, a hacker had to build a site write or develop malware programs to launch the campaign against the potential target. Nowadays, the task has become easier because of the availability of hacking toolkits which can be purchased and used for exploitation (SECUREWORKS, 2017). Other common related threats include Network traveling worms, social engineered Trojans and advanced persistent threats.
In order to prevent these potential attacks, there are few recommendations for PBI-FS for consideration.
The organization needs to have an efficient threat intelligence system to have a proactive approach to the security program.
The organization must have a mechanism to track threats that are specific to the nature of the business.
Leveraging automation tools is one of the effective solutions for monitoring and detection (Carter, 2017).
Frequent workshops and seminars for cybersecurity training of the employees to update them about advance techniques and practices.
Conclusion.
Cyber terrorism should not be underestimated in view of recent incidents and breaches in the financial sector. A company can prevent these threats by applying early and effective mitigation and detection steps to reduce the risk of cyber-attacks by criminals and terrorists. Apart from the steps mentioned above, the upper management must make sure that employees are well aware of security requirements. The reason is that employees are comparatively a weaker link in the chain of cybersecurity and may become responsible for cyber-attack or data theft.
References
Michel Kerjan, E., Kunreuther, H. (2018). A successful (yet somewhat untested) case of disaster financing Terrorism insurance under TRIA, 20022020.Risk Management and Insurance Review,21(1), 157-180.
SECUREWORKS. (2017, 5 12). Cyber Threat Basics, Types of Threats, Intelligence Best Practices. Retrieved from SECUEWORKS HYPERLINK https//www.secureworks.com/blog/cyber-threat-basics https//www.secureworks.com/blog/cyber-threat-basics
Littl3field. (2018, February 28). Cyber Terrorism Understanding and preventing acts of terror within our cyber space. Medium. https//littlefield.co/cyber-terrorism-understanding-and-preventing-acts-of-terror-within-our-cyber-space-26ae6d53cfbb
Carter, W. (2017). Forces Shaping the Cyber Threat Landscape for Financial Institutions.
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