Cmgt 400 - Information Security Threats on the Banking Industry

Common Information Security Threats

Mark Rincon

CMGT/400

1/25/2013

Brain Davis

Information Security Threats on the Banking Industry

I chose to go with our banking or financial industry. In today's world the banking industry is constantly getting attacked by various methods of security threats on a daily basis. I feel that the banking or financial industry always needs to be a step ahead of the game, because these threats are being more Sophisticated.

Here are three threats that the banking industry are facing today. Threats from Insider, Assault on Authentication, and Malware. Here is a list of other threats that financial institutions are facing on a daily basis. Telephone based fraud, Organized crime targeting financial institutions, and Mobile Banking Attacks. As the banking industry relies more and more on electronic media, such as web banking, mobile banking, and ATM machine they are facing more and more threats each day as they become more and more equip with electronic media devices. With the rise and demand in technology, our banking industry having to adapt to the newest technology, banks become very vulnerable. Today on a constant basis there forced to keep up on all security measures and sometimes even implement new ways of protecting the banks data as well as its customer's information data.

The potential risks involved if any of these threats were to get through and attack the banking industry's computer systems, this would result in a widely spread disaster. The bank or banks could stand to lose all the information on all transactions that took place from that period and on. This would spread quickly across thousands of computers so that widespread damage and embarrassment would easily occur. This would give them full access to the bank's customers, network and information. All of their customer's personal information could be lose or stolen, and their identity information could be use to pursue other transaction or purchases from other institution or companies. The bank and the customer's money could be rerouted to a different bank or person. A major issue would result in a wide spread of identity theft. Just the thought of it happening causes the banks to cringe, at all the possibility of the different things that could happen if banks information systems were ever breeched.

Insider threat

Attacks by insiders are often the result of employees who have become disgruntled with their organization and are looking for ways to disrupt operations. For example if it was an insider most security is designed to protect against outside intruders and thus lies at the boundary between the organization and the rest of the world. Not all insiders attack is intended employees make mistakes, but that is still considering an attack because it disrupts the organization. Insiders may have the upper hand; they could actually already have all the access they need to perpetrate criminal activity such as fraud. With the addition of having access, insiders can often avoid detection by often having the knowledge of their security system. This makes them more dangerous because they have the capability of causing immediate damage to the company or organization there working for.

Breach

In today's world of technology a breach is common. This is when there's an unauthorized access to information or someone's personal information for disclose, collect, or