Cyber attacks on bank networks

Reuters reminds that the global network of financial messaging SWIFT suffered last June a series of hacker attacks on its subsidiaries, particularly those from Bangladesh.

According to the company eSentire, threat detection service provider and cyber management interference, attacks against small and medium enterprises, including small banks, greatly increase their defenses because cybersecurity is low compared to their larger competitors.

According to eSentire, provider of managed cyber threat detection and response services, attacks against small to midsize organizations, including small banks, have risen steeply because their cybersecurity defenses typically pale in comparison to that of their larger peers.

What is surprising is the omission from some so closely associated with the organization that SWIFT failed to address end user risk much sooner. Hackers commonly use small organizations as gateways to attack larger targets. Large enterprises should consider the risk of the end user as just as real and just as dangerous as a direct attack.

In the United States, regulators have implemented measures obliging institutions to protect themselves against risks. But the United States is one of the few countries that have formally introduced a series of measures and controls to ensure compliance. The attackers, who had knowledge of these facts have guided their actions targeting small banks in countries with limited defenses and nonexistent regulatory guidelines.

Cyber security is everyone’s responsibility and no one can ignore the growing and very real threats targeting small and medium organizations. It is obvious that the biggest risk is borne by lucrative targets such as hedge funds and alternative asset management companies.

ESentire announced that it had evidence that the Lazarus Group (the first suspect of hacker linked to North Korea suffered by Sony), had attacked not only banks in Asia, but also an American bank on Wall Street in New York, and this, several months before the hacking of banking facilities in Asia (August 2015). This confirms that the threat is not just about the US banking sites, but also secondary sites belonging to the global fund management. The attack on the SWIFT global network is another example of this evolution. See also www.reuters.com/   www.esentire.com/

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