Cyber Threats and Countermeasures in Financial Institutions

This report discusses the various cyber threats faced by financial institutions, particularly in the context of Automated-Teller-Machines (ATMs) and banks dealing with cash. It explains the different forms of cyber-attacks, such as DDoS, malware, and phishing, and offers countermeasures to prevent them. These include network segmentation, redundant controls, deployment of security tools, security assessments, and constant monitoring and surveillance. The report emphasizes the need for comprehensive regulatory responses to cyber threats and attacks in the banking industry.

Executive Summary
Cyber security is a very major and very valuable tool that must be considered with a lot of precaution in
all financial organizations especially the Automated-Teller-Machines and banks that deals with cash.
Many claims been brought about are such as the unlawful withdrawal of cash from banks by unauthorized
individuals, ATM technologies being compromised and large-scale financial transactions that are not
from trusted sources. When using ATMs sometimes people give very little concern to what happens
behind the scene, the hardware or even the software in application & the security that is offered or in
place. In additional the other area that has led to increment of many cases with a lot of cyber-attacks in
financial institutions and organizations is the ATM providers and the financial organizations who pays
very little attention in the security of these machines. This report is based on giving information on the
cyber threats and the plan by offering a provision measures of such attacks in financial institutions.
Cyber threats Forms in Financial institutions
Cyber-attacks nowadays banking industry have been seen to be so classy in the mode that they may take
so many forms. The three practices described below explain on how the attacks happen and henceforth
explaining more of the plan much more preventing the unforeseen attacks in future and this will provide a
situation where banking institutions that are free of cyber threats and attacks.
1. DDoS (distributed-denial-of-service) in this type of attack the System to be embattled is disrupted
in situations with large flow of traffic which is used to overwhelm it where one is denied the right
to access by the authenticated users (Tim, 2017).
2. Malware is another attack where there are malicious software’s are used in controlling or even
disrupting the operations of any device or system that is targeted. This attack may exist so many

forms such as viruses and viruses and it may end up forming and causing harm to bank account
holders in different ways. The following diagram explain a scenario of malware attack
(khandelwal, 2017).
3. Phishing is another attack also which is very common as there is use of fake website in inducing
an unsuspecting user to divulging very sensitive information like banking login and also credit
card details.
Plans and countermeasures consideration of cyber attacks
In the industry level of internet banking a lot of financial institutions support may need a very
comprehensive regulatory responses to the cyber threats and attacks in security
(Computerweekly, 2016). The plan to be involved by this scenario have really continued in
evolving very defensive attacks and this information security practices to help in encouraging and
defending in contradiction of any cyber-attacks and threats that may emerge. The precautions and
measures to be put in place are explained here below.
1. Network zones being segmented to help in controlling the user access and limiting all propagations
of any threats and attacks that may help in managing penetration to the network.
2. Second measure is implementing redundant controls in multiple layers of networks infrastructure
(defense in a lot of depth) so that any fails in any switch measures may be mitigated by the controls
in the other layers.
3. Deployment of suitable network security tools such as the IPS and much more using the multiple
firewalls leading to inclusion of WAF as it enhances DDoS vindication strategies.
4. Conduct arduous and steady assessments with regards to security on the Information technology
infrastructures.

5. Ensure that there is constant security monitoring and surveillance in place is able to detect
early intrusions in advance.
6. Establishing emergency responses on computers so that it can help to improve the response
times that are caused by the incidents in cyber. (Negara, 2014)
References
Computerweekly. (2016, Feb 27). ATM security – The dos and don’ts. Retrieved from Computerweekly:
https://www.computerweekly.com/tip/ATM-security-The-dos-and-donts
khandelwal, S. (2017, November 01). Hacked Debit Cards. Retrieved from hackernews:
https://thehackernews.com/search/label/ATM%20hacking
Negara, B. (2014). Net losses: Estimating the global cost of cybercrime´, a report by the Center for
Strategic and International Studies. `Cyber resilience in fi nancial market infrastructures´,.
Tim. (2017, December 26). Credit Union Business. Protecting the ATM – It’s a Matter of Security, 25-31.
Retrieved from https://creditunionbusiness.com/protecting-the-atm-its-a-matter-of-security-2/