As technology has become an increasingly integral part of everyday life, the task of protecting against cyber threats to information security becomes ever more challenging. According to research done by the Centre for Strategic and International Studies (CSIS), “The ability of hackers or other adversaries to exploit computer networks and systems not only represents a threat to U.S. national security and economic well-being but also to our privacy and that of individuals around the world.”
The Changing Nature of Cyberthreats
Traditional methods of protecting against cyberthreats such as software updates, firewalls, and antivirus programs have become inadequate because hackers are innovating new ways to find security loopholes in systems. Attacks on large financial institutions such as JP Morgan Chase, Goldman Sachs Group Inc., and Citigroup are just a few examples of the cyber threat that can have dire implications for the global economy. In their most recent report on cybersecurity threats, CSIS once again expressed concern with how hackers can pose a significant risk to international security through their ability to infiltrate “the computerized command and control systems that both U.S. and foreign weapon systems rely on.” For example, researchers at Lockheed Martin Corporation found a vulnerability in an unclassified network that would allow hackers to potentially take control of the $380 billion F-35 Lightning II Joint Strike Fighter program used by NATO other allies around the world.
Another threat posed by cybercriminals is the opportunity to steal sensitive information such as personal data, credit card numbers, and other financial records. The CSIS report specifically mentioned how this could be done by targeting remote access services used by employees of large banks or other institutions through phishing attacks or “rogue wireless access points.”
The Fight Against Cyberterrorism: National Security Division
The U.S. Department of Justice’s National Security Division Cybersecurity Unit investigated cyberattacks on over a dozen targets, including Fortune 500 companies, small businesses, federal contractors and others. The defendants were sentenced to months of prison time for stealing data from their victims that included employee usernames and passwords and credit card numbers, login credentials for company accounts at Google, Yahoo!, LinkedIn, and others. The Department of Justice also charged two Israeli citizens for their attempt to hack into American law enforcement databases, which would have allowed them access to sensitive information about ongoing investigations, including those involving organized crime activity in the United States.
Cybercriminals use increasingly sophisticated tools such as the Zeus Trojan horse, which extracts online banking credentials and other sensitive data from infected computers. As this threat becomes more widespread, financial institutions and their customers rely more on regular software updates and increased employee training to ensure the safety of private information.
Cyberattacks on Financial Institutions
Financial institutions spend $20 billion each year on cybersecurity which is an increase of nearly 30 per cent over last year, demonstrating the extent to which they have become concerned with cyber threats. When considering the growing threat of cybercriminals targeting financial institutions, consider how this could be done through phishing attacks or “rogue wireless access points.” The U.S. Department of Justice’s National Security Division Cybersecurity Unit investigated cyberattacks on over a dozen targets, including Fortune 500 companies, small businesses, federal contractors and others. The defendants were sentenced to months of prison time for stealing data from their victims that included employee usernames and passwords and credit card numbers, login credentials for company accounts at Google, Yahoo!, LinkedIn, and others.
Law Enforcement Fights Crime Across the World
The Department of Justice also charged two Israeli citizens for their attempt to hack into American law enforcement databases, which would have allowed them access to sensitive information about ongoing investigations, including those involving organized crime activity in the United States. In addition, companies such as McAfee have established a “threat intelligence” practice to monitor attacks and share information about these threats with their customers.
Author Bio:
Casey Harward is an editor at the Dissertation Writing Service and Essays U.K. website. She manages a team of writers and editors, creates academic courses and provides thesis consultations. Also, Casey is a tutor at the Resumecroc.
