Cybercrime in Banks: Problems and Solutions in the USA

This essay discusses the problem of cybercrime in banks in the USA and suggests practical solutions to address the issue. It covers the causes of cybercrime and the possible solutions to reduce its incidence.

Running Head: CYBERCRIME 1
Title
Student’s name
Institution’s name

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Cybercrime
Cybercrime is “a crime that is carried out through the use of computers and internet”.
Cybercrime may be divided into three categories which are; cybercrime in which the computing
device such a computer is the target for the cybercriminals for the purposes of network
accessibility. Another category of cybercrime is where the cybercriminals use computing devices
such as a laptop as a weapon for the purposes of launching a denial-of-service attack. Finally, the
cybercriminals may use computing device as an accessory to conducting a crime such as for
storage of illegal data. Cybercrime has been a major issue in the bank sector in the United States
of America over the last few years (Taplin, 2016). This essay will explain the problem and
possible solutions to cybercrimes in banks in the United States of America.
Problem A
The presence of internet connectivity has led to increased cybercrime levels in banks.
Today, the cybercriminals no longer need to be present physically in committing a crime but
internet connectivity necessary to make computer-based variations. Usually, “the cybercriminals
carry out a cyber-attack with intentions of financial gain such money laundering, fraud, and
ransom ware”. Also, the cybercriminals may perform a cybercrime with an aim of painting a
bank’s reputation by damaging the brand identity which can lead to lack of client’s trust towards
a bank for their lack of ability to protect their financial data against any danger (Smith, 2015). As
a result, it may become difficult for a bank to maintain its already existing clients and to gain
new customers and it may end up not surviving in the market for a long term.

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Solution A
One practical solution to the challenge is through ensuring that the websites are kept safe
at all times. With banks being the main target for the cybercriminals whose main aim is on
financial gains, they should take into account necessary measures against the cybercrime which
on occurrence affect the bank adversely. “The diverse threats we face are increasingly cyber-
based. Much of America's most sensitive data is stored on computers. We are losing data,
money, and ideas through cyber intrusions. This threatens innovation and, as citizens, we are also
increasingly vulnerable to losing our personal information” (James Comey, 2018). Therefore,
banks or any other businesses should keep their systems, endpoint, and websites current with all
release updates. With that, it would be harder for the cybercriminals to commit their crime easily
as the banks’ systems will be strong enough against those viruses which the cybercriminals use
to infect the systems (Dilek, Çakır & Aydın, 2015). Banks should also ensure that they back up
its data daily to minimize the damage in case of crime occurrence, data breach or ransom ware
attack.
Problem B
Woefully inadequate awareness levels among banking management have led to
cybercrimes. In the case of Tesco bank in the United States of America, the cybercriminals due
to the lack of awareness by the bank’s leaders, the cyber attackers sent the Tesco bank’s
employees malware-ridden emails which allowed them to clutch control of the computers upon
infection. Through the malware-ridden emails which put the Tesco’s computer operators into
confusion, the cybercriminals were able to search the Tesco’s networks for the purposes of
accessing significant financial information before funds withdrawal which they withdrew by use

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of payment transfers and remote commands to ATMs. The cybercriminals in return were able to
obtain data and money which was their main goal of hacking.
Solution B
One practical solution to the issue is through the development of clear policies for the
bank and its workers. Tesco bank should outline the security actions regarding the protection of
corporate data and systems against the cybercriminals. The bank’s management should educate
its employees regarding the tricks and techniques behind the cybercrimes. The employees should
ensure that they do not concentrate on emails which seem malicious though relating to the bank.
Here, the employees will be able to define a malicious mail from actual business mail through
communication by leaders in advance upon any business mail that the employees should expect
to receive in the course of the day for instance (Balan, Otto, Minasian & Aryal, 2017). As a
result, the employees would be able to remain focused on their work and they may have a higher
possibility that they can detect any abnormal activity occurrence.
Problem C
New information technologies is another issue which has led to cybercrimes. Today,
smart devices and highly user-centric cloud services have emerged and they are highly used in
the workplaces. Though the technological changes have impacted our lives today positively, they
have still had negative impacts on a business environment with cybercrimes being the major
issue. With new information technologies such as mobile devices, apps and networks all
connected, the cybercriminals have been able to take their advantage to obtain both financial and
useful data in an illegal way (Akram, Ramzan, Haneef & Ishtiaq, 2016). As a result, businesses
especially the banks are at a higher risk of being attacked by the hackers.

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Solution C
One practical solution to the issue is to put in place strategies to fight against cybercrime
necessary for long-term survival in the market. Tesco Bank, being a victim of cybercrime should
create a cybersecurity event response management plans which will help it to address any
cybercrime act and come up with a solution towards that particular problem (Blakemore, 2016).
Tesco may train its employees, existing and new ones on cybersecurity policies and what to do in
case of any cybercrime occurrences. With that, the bank will be able to operate accordingly and
be able to meet its goals.
In conclusion, banks should bring to an end or reduce the incidences of cybercrime
within the sector through identification of the causes and possible solutions in relation to those
problems. “Unless and until our society recognizes cyber bullying for what it is, the suffering of
thousands of silent victims will continue” (Anna Maria Chavez, 2018). The essay has addressed
the main issues within the bank sector and the possible solutions necessary to curb the acts of
cybercrimes. The management within banks should ensure that they are in line with the
happenings regarding the cybercrimes for the purposes of nourishment of their know-how
pertaining the cybercriminals techniques. With that, they will be able to come up with new
strategies that suit the cybercrime techniques (Carter, 2017). We expect the internet world and its
connectivity to improve the world is increasingly changing into vibrant communities. Therefore,
it is the duty of all businesses to ensure that their systems are well protected through regular
updates. As per my opinion, banks should employ personnel who is skilled with computers’

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maintenance and hacking related activities who will be in charge of the bank’s system and also
accountable for its well-being.

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References
Akram, S., Ramzan, M., Haneef, M., & Ishtiaq, M. (2016). An Interactive Model for Creating
Awareness and Consequences of Cyber-crime in People with Limited Technology Skills.
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Balan, S., Otto, J., Minasian, E., & Aryal, A. (2017). Data Analysis of Cybercrimes in
Businesses. Information Technology and Management Science, 20(1), 64-68.
Blakemore, B. (2016). Policing cyber hate, cyber threats and cyber terrorism. Routledge.
Carter, W. A. (2017). Forces Shaping the Cyber Threat Landscape for Financial Institutions.
Dilek, S., Çakır, H., & Aydın, M. (2015). Applications of artificial intelligence techniques to
combating cybercrimes: A review. ArXiv preprint arXiv: 1502.03552.
Harrop, W., & Matteson, A. (2015). Cyber resilience: A review of critical national infrastructure
and cyber-security protection measures applied in the UK and USA. In Current and
Emerging Trends in Cyber Operations (pp. 149-166). Palgrave Macmillan, London.
James Comey Quotes. (n.d.). BrainyQuote.com. Retrieved May 30, 2018, from BrainyQuote.com
Web site: https://www.brainyquote.com/quotes/james_comey_727975
Smith, G. S. (2015). Management models for international cybercrime. Journal of Financial
Crime, 22(1), 104-125.
Taplin, R. (Ed.). (2016). managing cyber risk in the financial sector: Lessons from Asia, Europe
and the USA (Vol. 129). Routledge.