Question Details

(solution) Help with rewrite and using my sources. will pay extra for the

Help with rewrite and using my sources. will pay extra for the short notice

Running Head: CYBERSECURITY 1 Causes of Cyber Attacks on Financial Institutions


Zachary Morris


UMUC Running Head: CYBERSECURITY 2 Causes of Cyber Attacks on Financial Institutions


The 21st century has evolved in numerous ways from the social, economical and


technological stand points. Within all these changes, crime has evolved. Its no longer


homes being broken into or criminals with mask that forces their way to threaten and


steal. Crime has advanced into silent, discreet, and strategically planned attacks. By the


time a victim is aware, all is lost. Crime has escalated to cyber attacks. The most


vulnerable targets are financial institutions. The FBI has recorded over 21 million fraud


attacks within the first quarter of 2015. Banks manage and maintain a plethora of


personal information that can be used to steal one?s identity, whole life?s savings,


investments, and more importantly, one?s life. There are many possible causes for cyber


attacks on financial institutions not because they contain the ones and zeroes of their


client?s money but they also hold a wealth of personal information of those very clients


that could be invaluable in the criminal underworld, and moreover just the simple thrill.


Getting rich quick without having to work hard is at the heart of most crimes, and


computer related crimes are not different in that aspect at all. These criminals use a


computer in the place of a gun or knife. Many businesses and people around the globe


use financial institutions to manage their money, savings and investments. Within these


accounts there are many vulnerabilities that allow sophisticated criminals to steal their


funds out of their accounts. With lack of knowledge or shear over sight, criminals can


fraudulently fake a reputable financial institution?s website and steal legitimate user


account credentials or phish for account information through emails. It is simple with low


risks, low cost and opportunistic of those that are oblivious to these common attacks. By


obtaining login information, funds can be fraudulently transferred or for larger Running Head: CYBERSECURITY 3 transactions ACH (Automated Clearing House.) ACH is used to move money and


information within the United States. Examples seen by the general public consist of


direct deposits, payroll or automatic scheduled payments. ATM skimming is also


prevalent. Skimming is using a device that appears to look and like an ATM machine but


captures card information and pin numbers, to be later used to create mock ATM cards to


steal funds from the joined accounts. With a wide variety of machines, a negligent user


can easily be a victim. Cyber-attacks are widespread within financial institutions because


of inevitable changes and developments within scamming negligent victims and


numerous businesses that fail to maintain security measures to fraudulently steal money.


Banks manage and maintain more than enough personal information that can be


used to steal one?s identity to ruin and exploit their life personally, professionally and


financially. The personal information that is stored in these databases contains social


security numbers that many business, corporations and states use to identify an


individual?s identity. Applying for credit or opening an account simply requires a form of


identification and social security number, all this information and more is stored within a


financial institution?s database. The amount of PII (Personal Identifiable Information) that


is stored can easily be used to steal one?s identity. For starters, any benefits a victim may


be receiving from social security, retirement or pension can be stripped and taken away.


Birthdates, family members names such as children and spouses, home and work


addresses along with phone numbers are all within a financial database. The combination


of this information can used to by any criminal. An individual?s professional life can be


compromised by employment and tax fraud, one can be fraudulently getting a job,


paying, filing taxes and receiving refunds in another?s name. With the personal Running Head: CYBERSECURITY 4 information stolen, criminals use this information to sell to the third parties or groups that


share a common goal to exploit the victims.


Thrill seeker hacking has to one of the worst of the cyber related financial crimes


simply because they can. There is no agenda or any other reason for these highly


intelligent programmers to do the things that they other than looking for a challenge.


Hackers are not superheroes, they do not show restraint they can be compared to that of


you children that do things because they can not because they should. Many of the most


intelligent hackers or computer programmers see themselves as puzzle solvers and


hacking is their puzzle- the harder the better. Whether they are sending malware,


committing some sophisticated phishing scheme or even a very elementary denial-ofservice (DDoS) attack many people believe banks should be a bit more prepared for these


attacks. DDoS attacks are very rudimentary but very effective with a free program


downloaded in less than 5 minutes the most novice hacker can clog up and eventually


crash a webpage. Monitoring network traffic should have been something they were


already doing on a regular basis along with keeping patches updated and insuring the


firewall program is operating efficiently its up to the banks to protect our money. The FBI


has been frustrated in the past due to banks not fully disclosing their fraud rates and


keeping certain instances hush-hush. (Messmer, E., 2012). This makes it hard for the


banks to receive the correct help and assistance with the mitigation of these cyber-attacks.


If the bank had made sure firewalls have session limits and routers have packet and frame


inspections, line-rate ACLs, as well as rate limits they could have potentially been more


protected from DDoS attacks. Having comprehensive inspection on the firewalls and


SYN proxy mechanisms can aide in the protection of DDoS attacks. Limiting the number Running Head: CYBERSECURITY 5 of SYNs per second per IP and SYNs per second per destination IP would have stepped


the same IP from pinging the banks website causing the attack. Also setting the ICMP and


UDP floor screen thresholds in the firewall would have helped with protection.


Hopefully, as Network and Computer Security improve there will be better ways to


protect these very sensitive networks and security networks will become better defended


from these type and other attacks.


Financial institutions not only maintain money or personal information but also


financial activity. This activity can reveal behavior patterns, spending, itinerary history


and financial intentions and supports. So we do our best as individuals to protect


ourselves from any actions that might give away this information. Knowing that financial


institution are the next cog in the world banking system and are all about maximizing


profits at the lowest cost. It should also be clear that the operations of such an institution


not only works with sensitive information but also personal identifiable information (PII).


Which could cause a long time devastating harm on their customers when there is a


breach. It is not uncommon practice for organizations to rather take care aftermath of


security breaches than fixing it at first. Claiming that the proactive measure would cost


way more. At the same time business reputation and continuity should also play a role in


such business decisions. Thus, for any and all financial institutions to optimally represent


their mission and values, it is very imperative to assure the customers of their security


and protection not only with their money but also with their personal information. Running Head: CYBERSECURITY 6 Your Reference page needs a title. Retrieval dates should not be used. ACH Network: How it Works. (n.d.). Retrieved September 25, 2016, from­network Hacktivists leak more data than cyber­criminals. (2012). Computer Fraud & Security, 2012(4), 1­3. doi:10.1016/s1361­3723(12)70024­6 Lagazio, M., Sherif, N., & Cushman, M. (2014). A multi­level approach to understanding


the impact of cyber crime on the financial sector. Computers & Security, 45, 58­


74. doi:10.1016/j.cose.2014.05.006 Messmer, E. April 4, 2014. New federal rule requires banks to fight DDoS attacks.


Retrieved on May 18, 2014 from:,0


Menn, J. May 18, 2013. Cyber-attacks against banks more severe than most realize.


Retrieved on May 18, 2014 from:


Messmer, E. October 24, 2012. DDoS attacks against banks raise question: Is this


cyberwar? Retrieved on May 19, 2014 from:


Mossburg, E. (2015, December 15). A Deeper Look At The Financial Impact of Cyber Attacks. Financial Executive. Retrieved from­deeper­look­at­the­financial­impact­of­


cyber­attacks/ Running Head: CYBERSECURITY 7 Patterson, M. (2012, November 11). BANKS LIKELY TO REMAIN TO CYBERCRIME TARGETS. Retrieved September 25, 2016, from


Attacks_Exec_Report.pdf Sadhukhan, K., Mallari, R. A., & Yadav, T. (2015). Cyber Attack Thread: A control­flow


based approach to deconstruct and mitigate cyber threats. 2015 International Conference on Computing and Network Communications (CoCoNet). doi:10.1109/coconet.2015.7411183 Snow, G. M. (2011, September 14). THE CYBER THREAT TO THE FINANCIAL SECTOR. Retrieved September 25, 2016, from­security­threats­to­the­




Still, B. (2005). Hacking for a cause. First Monday, 10(9). doi:10.5210/fm.v10i9.1274


Solution details:

This question was answered on: Jan 30, 2021

PRICE: $15 (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .

About this Question






Jan 30, 2021





We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.


Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.


Order Now