Banks spent centuries perfecting the physical security - secure handling of tangible wealth.
Every step of progress criminals made in stealing that wealth was addressed by improvements in physical security and the practices surrounding storing and transferring wealth. Banks invested in strong rooms and armed guards. Wealth is no longer directly tied to tangible assets, as it once was.
The recent successful bank attacks have demonstrated a host of significant issues for the sector.
- An ability to compromise a wholesale payment origination environment, bypassing information security controls
- A capability for hackers to use valid operator credentials to create, approve and submit messages
- A sophisticated understanding of funds transfer operations and operational controls
- The use of highly customized malware to disable security logging and reporting, as well as other operational controls to hide fraudulent transactions
- The capacity to transfer stolen funds rapidly across multiple jurisdictions to avoid recovery
Come, attend the Cyber Security and Risk Management conference to be held on the 19th and 20th October 2017. The event will discuss the challenges business face in light of data security.