Cyber Threats and Countermeasures in Financial Institutions

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