Mobiledevices attack: Security and Privacy
Informationtechnology plays a critical role in ensuring that innovation-drivenstrategies in the workplace are attained. It is the role of themanagement to make sure that information technology is embraced inthe workplace so that goals can be attained as specified in themission and vision of the organization within the set deadline.Communication is paramount in the organization, especially when theorganization has embraced innovation-driven strategies based on thatthe employees have to work together for short and long-termobjectives. When information technology is emphasized in theorganization, there is the need for security and privacy for theorganization, since it is prone to hacking and other cyber relatedattacks. Privacy and security are paramount due to stiff competitionin the market, loss of data and fund.
Cyber crimes andhacking of financial institutions and another organization haveincreased significantly. From global terrorism, natural disasters,and military invasion cyber crimes and hacking are the fourth majorfeared threat to the economy. Due to the stiff competition in themarket, businesses use the information technology to ascertain thatservices are rendered as quickly as possible to meet the customerneed. In an organization that provides products to the customer, theorganizations use innovation and creativity so that total qualitymanagement is attained. Financial institutions use informationtechnology so that services are provided conveniently at any time theservices are needed. The financial institutions in differentcountries have incurred the loss due to cyber crimes and hacking ofthe systems, which has resulted in billions of money disappearing inan unrecognized manner. It is the role of financial management toascertain that systems are monitored due to cyber-related crimes thathave increased significantly.
Failure toinvestigate the issues of hacking and cyber crimes in the financialinstitutions implies that the firms are going to continue losingbillions of money in unclear circumstances. The investigationdepartment has associated these issues with some employees revealingpersonal information of the financial institutions to non-staff. Itincreases the risk when private information is revealed, and thus,giving the hackers the possibility to hack the systems. Experts inthe cyber crimes have the software’s to trace the log-in details ofthe financial institutions and others release viruses and worms inthe systems, and thus, collapsing the entire system by making it beaccessed by unauthorized individuals.
Facts,figures, and data that support that the problem exists
The total cost thathas been incurred through cyber- attacks is approximated to be over£200 billion (Sara 1). The above figure, when converted to UnitedStates dollar, is 315 billion, and it has only happened in 12 months.The survey indicates that more than businesses are affected bycyber-attacks that are expensive and later can result in collapsingof the business. This is the reason why cyber-attacks are consideredas the fourth major threat to the businesses in the United Kingdom.In the survey conducted, it indicates that 2,500 businesses that aregrouped as the leaders in the economy indicate that 15 percent of thebusinesses in the organization experience cyber-attacks. Europebusinesses are the mostly targeted with 19 percent of the businessesbeing attacked by the cyber-attackers. North America is the secondwith an 18 percent, making the businesses to lose millions ofdollars.
There is no countryin any region that is immune from the cyber-attack. The cyber attackshave incurred Asia Pacific more than $81 billion in the last 12months while in Europe more than $62 billion have been lost inunclear circumstances (Sara 1). Even though United States isconsidered as being innovative and creative regarding informationtechnology, North America has incurred a loss of more than $61billion in the last 12 months. It is imperative that cyber-attack isnot immune to any region, and thus, there is the need to come up withstrategies that can curb the problem once and for all. The overalltrend shows the cyber- attack on the financial institutions has threetimes higher possibility of being attacked than other companies(Howard 2). For instance, in Canada, individuals behind the crimesdeveloped a malware that was capable of memorizing passwords in thefinancial institutions. It was concluded when Bank of Montreal (BMO),Royal Bank of Canada (RBC) and National Bank of Canada conducted asurvey since they incurred a lot of loss due to the fake customerbank accounts and websites. The Kaspersky Lab that is a Russian firmwhen installed in the systems indicates that more than 100 banks havebeen targeted, and billions of money have been stolen, and thus,advised the management on how to use the Kaspersky anti-virus thatdetects and disables such malware.
Causesof the problem
One of the majorcauses of cyber-attacks is structural. The systems that are used inthe banks must be interconnected with the Internet or networked, andthus, the employees use the internet to communicate with their peerswhile working. Additionally, the managers and top level managementhave to communicate with other servers that are located in the remoteareas, and thus, it is an indication that emails are shared among theemployees by their top level management. The emails are not filtered,and thus, there is a high possibility of malware and virus to beshared via the emails. The banks computers need security precautionslike updated anti-viruses that are capable to detect and disable allthe sent malwares. For instance, many financial institutions useNorton anti-virus and Kaspersky, which have expired or they are notlicensed, thus posting great harm to the institutions (Lee 25). It isthe role of the system administrator to ascertain that all thecomputers and the entire system are protected from the hackers bymaking sure that up to date anti-virus is installed.
The next cause ofcyber-attacks is that individuals are motivated by money, and thus,hacking of the financial institutions systems is easier as comparedwith other crimes like smuggling. When malware, Trojans, and virusesare released in the network, it has the possibility to cause a lot ofdamages, and thus, hackers benefit from this act. It is a crime thatis characterized by low risk, but at the long run, the financialreward is obtained when one is successful.
Possiblesolutions to the problem
It is important forthe system administrators to keep on monitoring financialinstitutions systems so that they can be aware of malware`s that havebeen released in their systems. Close monitoring implies that theadministrators can block the emails that are sent to non-staffs,since it results in sharing of the private company information thatis supposed to be confidential. Other employees go to an extent ofsharing login details in the systems, thus making individuals’access confidential information concerning the financial institutions(Amin, 16). Regular maintenance of the system should be conducted.This implies that when maintenance is being conducted when the systemis upgraded, and thus, hackers cannot hack the system easily.
The systemadministrators have the mandate to install anti-virus that has thepotential to detect and deactivate malware that are released to thesystem (Amoroso 23). It is imperative that all computers in theorganization are supposed to be protected so that chances of hackingcan be reduced. The known anti-virus that are recognized and arecapable of dealing with the virus should be installed. Additionally,the system administrators should come up with teaching programs onhow employees can be taught on how to suspect cyber- attacks on theinstitutions. All the employees should be encouraged not to sharecompany information, since hackers use that information to track anypassword that may be used to log-in to the system. The next possiblesolution that can thwart cyber-attacks and hacking of the systems isto incorporate global intelligence that informs the systemadministrators about the potential threat that have been released.This plays a major role, since the attackers are kept on their toes,and thus, not able to cause any loss based on the fact that they arerecognized before they have stolen anything. For instance, theRussian Kaspersky group can detect such threats and deals with itaccordingly.
The last possiblesolution to cyber-attacks is to ensure that organizations have policycompliant security solutions that should be monitored now and then.The policy compliant has to indicate that no financial institutioncan operate without meeting the set standards to avoid the high lossthat is incurred. For instance, enrolling to the global threatintelligence can make it possible to deal with the hackers based onthe fact that they monitor the malware and hackers and in the case ofany threat it is reported immediately and security agencies can dealwith it as quickly as possible.
Recommendationto the solution
I recommend thesystem administrators to work with the global threat intelligence sothat any threat to the systems can be noticed early before the lossis incurred. This is because the global intelligence company thatdeals with monitoring of threats in the cyber-attacks has thecapability to detect and disable malware sent to the system (Amoroso,23). They are recognized globally, and thus, when companies work withsuch institutions, it implies that they cannot lose their money insuch unclear manner. All the immerging financial institutions shouldbe enrolled in such programs so that they can remain competitive inthe market. Due to the increased cyber-attacks, it is important forall organizations to come up with such solutions, since in the longrun, it makes the business to operate without challenges.
The nextrecommendation is that the system administrators should monitor thesystem based on the fact that malware can be detected when the systemare monitored. This is because the systems administrators haveinstalled powerful anti-virus that is capable of detecting anddeactivating any malware in the system. If the systems are notmonitored, it implies that there is a possibility of employees evensharing log-in details that result in money being stolen in suchcartels. It is the role of the system administrators to ascertainthat security implication in the financial institution is addressed.
Descriptionof how your solution could be implemented
The solution can beimplemented by making sure that the financial institutions work inpartnership with global threat intelligence so that the securityconcern is addressed. This implies that long-term contracts should beused so that cyber-attack is solved completely. Failure to work withthe global threat intelligence implies that the organizations willincur loss yearly that later results in the organization arecollapsing. It is the role of the top management to ascertain thatsecurity in the financial institutions concerning data and clientfund is protected. Failure to install software’s that can detect orthwart any malware in the system implies that the organization cannotthrive in the current market. This is because cyber crime is themethod that is being used by criminals to gain wealth.
The next way toimplement the solution is by coming up with monitoring group that iscapable of using all the means possible to detect and deactivatemalware in the system. It is the role of the management to ascertainthat the entire system is regularly under the maintenance so that itis upgraded. Failure to maintain the system implies that the systemwill be susceptible to the risk of malware`s. By having monitoringgroup implies that the system will always work efficiently.Additionally, when the system is under maintenance in a monthlybasis, it implies that the system administrators can detect hackingvery fast, and thus restriction measures can be applied. In additionto that, it is recommendable for the financial institutions to usethe current window server 16 which has an inbuilt antivirus anddetects any malware that is released on the internet.
What I have learnedfrom this project is that cyber-attacks and hacking is a majorchallenge both to the developed and non-developed countries.Financial institutions are losing billion of money daily fromcyber-attack. I have learned that there is a new operating windowserver 16 which is capable to detect and deactivate any malware inthe systems. Additionally, I have learned that the systemadministrators should install anti-virus in their machines andmonitor the system regularly. This can be done by conductingmaintenance regularly and system upgrading.
The surprise that Iencountered when doing the project is that some email that are sentby the unknown individual may be containing malware that is capableof revealing all the information of the organization and log-indetails. It is important for the system administrators and globalthreat intelligence to work together so that such emails can befiltered. This plays an important role since there will be no threatthat can be experienced in the system.
If I had to do thisover again, I would include the security agencies like FBI toinvestigate the cyber –attack since it costs the financialinstitutions a lot of losses and the entire economy is affected.Additionally, global threat intelligence would be incorporated intothe project again since it plays an important role in ensuring thatthreat in the system is deactivated before loss has been incurred.
Amin, S. On Cyber Security for Networked Control Systems. 2011.Print.
Amoroso, G. Cyber Attacks Protecting National Infrastructure.Burlington, MA: Butterworth-Heinemann, 2011. Print.
Howard, S. Cyber-attacks on Financial Sector Three Times OtherIndustries: Report. 2015. Available fromhttp://www.itworldcanada.com/article/cyber-attacks-on-financial-sector-three-times-other-industries-report/375553
Lee, N. Counterterrorism and Cybersecurity Total InformationAwareness. New York, NY: Springer New York :, 2013. Print.
Sara, B. Cyber-attacks Cost Global Businesses Over £200bn a Year.2015. Available fromhttp://workplaceinsight.net/cyber-attacks-cost-global-businesses-over-200bn-a-year/