Cyber Attacks on Financial Institutions Over the past few years the global financial sectors have become victims to an overwhelming increase in cyber security criminal attacks on financial institutions around the world. Hackers are the single most dangerous enemy facing financial institutions today because of their malicious intent to obtain financial gains or harm the reputation of companies. Last year hackers took aim at JPMorgan Chase and a number of other banks, stealing customer and other data in an operation, which sparked concerns at the highest levels of government (Cybersecurity Responding, 2015). We live in a digital world where most transactions and consumer purchases are done online, which put consumers and financial companies
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In recent years, cyber criminals have used online banking and payment systems to transfer money directly from financial institution accounts to their own accounts. One of the most common malware used by hackers is distributed denial-of-service (DDoS), which floods online systems, such as internet banking sites or online trading, with vast amounts of data in order to overload them and take services offline. Wada, Longe, & Danquah, (2012) states that the growth of e-business and internet usage has made it easier for organized crime gangs to facilitate and cover up their criminal activities which may usually include fraud, money laundering, intimidation, theft and extortion. Banks are increasingly at a disadvantage against cyber criminals because of their abilities to continually discover more sophisticated methods to exploit and disturb banking operations on a daily …show more content…
financial system, these same terrorist groups are prong to attack countries through revealing means in the cyber realm, which is known as cyber terrorism. In 2006 the Untied States Government explored the possibilities of terrorism organizations carrying out cyber attacks against the U.S. financial sector in order to gain funds to support their organizations. The Islamist group Izz ad-Din al-Qassam Cyber Fighters is claimed to have pulled off the biggest cyber attack in history that resulted in the shutdown of online banking websites for JPMorgan Chase, Wells Fargo, U.S. Bank, and PNC Bank in 2012. Also in 2014 Chase and Bank of America were targeted by a DDoS attacks that disrupted online services for customers by a “hacktivist” group called The European Cyber Army. These cyber attacks have cost financial institutions around the world billions of dollars and disrupted online banking services for their
In recent years, cyber criminals have used online banking and payment systems to transfer money directly from financial institution accounts to their own accounts. One of the most common malware used by hackers is distributed denial-of-service (DDoS), which floods online systems, such as internet banking sites or online trading, with vast amounts of data in order to overload them and take services offline. Wada, Longe, & Danquah, (2012) states that the growth of e-business and internet usage has made it easier for organized crime gangs to facilitate and cover up their criminal activities which may usually include fraud, money laundering, intimidation, theft and extortion. Banks are increasingly at a disadvantage against cyber criminals because of their abilities to continually discover more sophisticated methods to exploit and disturb banking operations on a daily …show more content…
financial system, these same terrorist groups are prong to attack countries through revealing means in the cyber realm, which is known as cyber terrorism. In 2006 the Untied States Government explored the possibilities of terrorism organizations carrying out cyber attacks against the U.S. financial sector in order to gain funds to support their organizations. The Islamist group Izz ad-Din al-Qassam Cyber Fighters is claimed to have pulled off the biggest cyber attack in history that resulted in the shutdown of online banking websites for JPMorgan Chase, Wells Fargo, U.S. Bank, and PNC Bank in 2012. Also in 2014 Chase and Bank of America were targeted by a DDoS attacks that disrupted online services for customers by a “hacktivist” group called The European Cyber Army. These cyber attacks have cost financial institutions around the world billions of dollars and disrupted online banking services for their