Data Churning by Cyber Criminals to attack banks

Financial services are the most attractive targets for cyber attackers, as the phishing and credential stuffing among the top threats. They target the financial services institutions, criminals steal sensitive data that can be used to open fake accounts and lines of credit they need for survival. Consumer data under attack.

The threats facing organisations working directly and indirectly with the global finance sector go far beyond traditional theft. Cyber threats are faced by the banks, insurance companies, assets managers and similar organisations can range from common script-kiddies to organised criminals and state-sponsored actors.

Criminals have been robbing banks for over 100 years. It is unfortunate that on technology company could stop this act. It seems hackers are more intelligent than the technology programmers. A report singles out North Korea as being publicly implicated in financially-motivated cyber attacks against organizations in over 30 countries in the last few years. Their targets include companies in the US, UK, India, and more.

A report on threats impacting banks, insurance companies, asset managers, and other companies working directly or indirectly with the global finance industry by Accenture says:

* In the Ninth Annual Cost of Cybercrime Study, Accenture and Ponemon Institute analyze the latest cost of cybercrime to help leaders better target security investments and resources.

* Cyberattacks are evolving from the perspective of what they target, how they impact organizations and the changing methods of attack.

* This year, we quantify the growing cost of cybercrime by analyzing trends in malicious activities over time.

* We also reveal how improving cybersecurity protection can unlock economic value by reducing the cost of cybercrime and opening up new revenue opportunities.

* By understanding where they can gain value in their cybersecurity efforts, leaders can minimize the consequences-and even prevent-future attacks.

In an ever-changing digital landscape, it is vital to keep pace with the impact of cyber trends. We found that cyberattacks are changing due to:

Evolving targets: Information theft is the most expensive and fastest rising consequence of cybercrime. But data is not the only target. Core systems, such as industrial controls, are being hacked in a dangerous trend to disrupt and destroy.

Evolving impact: While data remains a target, theft is not always the outcome. A new wave of cyberattacks sees data no longer simply being copied but being destroyed-or even changed in an attempt to breed distrust. Attacking data integrity-or preventing data toxicity-is the next frontier.

Evolving techniques: Cyber criminals are adapting their attack methods. They are targeting the human layer-the weakest link in cyber defense-through increased ransomware and phishing and social engineering attacks as a path to entry. An interesting development is when nation-states and their associated attack groups use these types of techniques to attack commercial businesses. Attempts are being made to categorize attacks from these sources as ‘acts of war’ in an attempt to limit cybersecurity insurance settlements.

Companies now need to be transparent not only in how they use consumers' personal information, but also in how they communicate the potential benefits and risks of sharing their data.

In Box: Crooks selling software specifically designed to break into banks, retailers, law firms etc now routinely offer 24-hour help desks and technical support for the unskilled cyber criminal.

However, cyber security requires not just the right technologies to counter the crime but also the right enterprise-wide strategy. The right strategy needs to recognise that cyber security is not just an IT issue, boards need to take note of consumers' awareness and cynicism about how their data is used.

The point of concern is , data breaches are now commonplace, but it is usually only when identity is "stolen" or your bank account accessed that you realise your information is circulating among criminals.