Financial institutes are facing a constant flux of security issues ranging from hack attempts, criminal activities and cybercrime. On normal day to day basis we see a lot of updates at Facebook and other social media platforms where news of celebrity account hacks is highlighted.
The world’s financial institute representatives often express their concern about the online security threats. However, these concerns are ignored at times when Facebook and social media platforms are brimming with celebrity account hacks, news of political campaigns and vice versa.
During one of its recent meetings, members of G-7 shared their interest on implementation of various systematic measures to help combat financial cybercrime. In this regard, information about common financial criminal cases and hacks was highlighted as latest hack tactics, common vulnerabilities and exploits in online banking system, and phishing emails etc.
Despite of awareness campaigns launched against common phishing emails, the overall victims’ percentage was calculated at a staggering 35%. Despite of the fact that we are almost at the end of year 2015, there is a large portion of victims and potential individuals/ offices that still fall prey to such emails.
Symantec and various other cybersecurity firms emphasize on anti-email phishing campaigns because at the end of the day, that particular “outbound” click from such emails depends on the individual’s own decision. Yes, there are filters to send such emails to spam or junk folder, but once in a while, people end up losing their hard earned money.
Likewise, during the G7 meetup, statistics demonstrated reports of over 70% high profile hacks aimed at leading U.S. financial institutes. For instance, malware infection and exploits in IBFT / SWIFT bank emails reportedly caused a theft of $81 million from NY Federal Reserve, hence proving the vulnerability level of such so called secure platforms.
It was concluded that government should take whatever necessary steps to prevent or at least reduce such incidents in future. G7 members also took decision to implement important protocols to promote the need for cybersecurity integration at financial institutes in years to come.