Cybersecurity is the Biggest Risk Facing the Financial System
May 11, 2018 Published by Rajesh Goel
Inadequate security technology and a pervasive culture of trust have left the worldwide financial industry open to a non-stop stream of cyber-attacks. The good news is that you don’t have to handle all of this alone; Brainlink can help.
SWIFT bank attacks show the world how vulnerable the financial system really is; will you learn from their mistakes?
Recent cybercrime that cost banks and financial institutions like yours around the world millions of dollars has made it clear that standard security practices in the global finance industry have not kept up with modern hacking methodology. The use of SWIFT for transactions, security processes that dictate employee, staff and vendor validation, and an overly outdated model of trust have resulted in extensive financial losses in many major banks, including:
Bangladesh Bank: $81M in losses
Banco del Austro: $12M in losses
Tien Phong Bank: $1M in losses
Additional losses at many other banks that use SWIFT, and similar trust models
Hackers are targeting law firms, accounting firms, other low hanging fruit.
In addition to the now obvious vulnerabilities in SWIFT, hackers have exploited the fundamental culture of trust present in many businesses worldwide, even outside of the financial industry:
Hackers we able to gain access to Target’s network — and perpetrated extensive credit card fraud — through their HVAC vendor, who had been given external access
A Pittsburgh, PA law firm had their sensitive documents stolen by improperly terminated employees, who then gave the private information to Anonymous
BHP Billiton Ltd and Canadian law firms were infected by hackers based out of China in order to gain private intel on the Potash Corp buyout
A massive whaling attack –amounting in losses of €40 million — resulted in the termination of the business’ CEO
Time and time again, hackers show the financial world that legacy technology and outdated schools of thought are simply not enough to keep up with their bleeding-edge methods. While most rely on the false sense of security they’ve gained from avoiding an attack so far, truly wise business owners do everything they can to learn from the mistakes that Bangladesh Bank, Target, and other victims continue to make. So which are you?
There are a number of clear lessons to be learned from these incidents, including:
The importance of regularly evaluating the effectivity of your current IT security technology and processes
The need to consider the trust you place in your employees, clients, vendors, and other contacts that have access (often needlessly) to your business’ sensitive information
The true value of properly investing in a comprehensive security solution that will analyze your strengths and weaknesses, protect you from modern forms of cybercrime, provide contingencies for when you are penetrated and train your employees to help maintain a secure environment
Why Choose Brainlink?
Our team has the knowledge and experience to determine where your current security technology, processes, and models may be lacking. By performing an extensive assessment of your system, we’ll find any vulnerabilities and provide clear solutions for each and every one of them.
If you’re still not convinced, take a few minutes to learn more about Brainlink and our founder Raj Goel’s work in cybersecurity as an industry-leader:
Your Bespoke Technology Partner
Is Lazarus Behind the Bangladesh Bank Hack?
Why Apple Is Fighting the FBI’s iPhone Demand?
Should the gov’t share its hacking skills with Apple?
Microsoft vs. US Government
Learn the lessons that few others have bothered to take to heart. Reach out to Brainlink at (917) 685-7731 or firstname.lastname@example.org today to schedule your security assessment.
Have Questions About Your IT Or Cyber Security?
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A key principle at Brainlink is that we are NOT the owners of our clients’ information – we are the custodian.
As a result, we have invested extensive resources in building Client Runbooks.