Sunday, February 17, 2019

Cyber Security at The National Bank of Ukraine

Cyber attack is a modern way of executing crime using digital technology. The National Bank of Ukraine is among the numerous organizations that have reported being offended through external hacking, which is one of the ways of executing the cyber attack. The National Bank of Ukraine is a financial organization that provides a variety of financial products and services. The type of cyber attack that occurred is hacking, which affected the functionality of the electronic infrastructure of the bank. The organization responded to it by scanning all its work stations for viral and suspicious files. Additionally, the bank redoubled its awareness of the cyber defense and warned other financial institutions in the country of a potential external attacker (The National Bank of Ukraine, 2017, para 2). Certainly, such a strategy would help to minimize the chances of the attack spreading to other organizations.
The electronic infrastructure of the bank, which includes the internal computer network and electronic payment system, was affected by the attack. Delayed customer service due to the slowdown in the operations of the bank led to financial loss. Thus, the cost of the attack is the financial loss suffered by the organization. Noteworthy, the IT infrastructure is the major target of the cyber attackers (Bordoff, Chen, & Yan, 2017, p. 3).  The bank responded to the attack by strengthening its cyber defense system.  In particular, it changed its operating procedure to ensure that all suspicious files are scanned to minimize the risk of future attacks. However, the organization should ensure that its IT infrastructure acquire sophisticated security systems that facilitate white listing of authorized sites and disable suspicious applications (Conteh & Schmick, 2016, p. 34). Other steps that the bank can take include strengthening encryptions and providing advanced training to support the efforts of IT department staff in curbing cyber attacks. The sophistication of the IT security systems will enable the company to detect and abort all forms of cyber threats before they can affect its operating infrastructure and information systems.
 
References
Bordoff, S., Chen, Q., & Yan, Z. (2017). Cyber attacks, contributing factors, and tackling strategies: The current status of the science of cybersecurity. International Journal of Cyber Behavior, Psychology and Learning (IJCBPL), 7(4), 68-82. 
Conteh, N. Y., & Schmick, P. J. (2016). Cybersecurity: Risks, vulnerabilities and countermeasures to prevent social engineering attacks. International Journal of Advanced Computer Research, 6(23), 31-38.
The National Bank of Ukraine (2017, June 27). The National Bank of Ukraine warned banks and other financial market participants about an external hacker attack. Retrieved from https://bank.gov.ua/control/en/publish/article?art_id=51024813.

Saturday, February 16, 2019

Cyber Security Measures

Organizations must have regular security checks and data backups. For an unexpected attack or data breach, it is really helpful to have an organization back up their data. To have a successful business, you must keep a habit of automatic or manual data backup on a weekly or daily basis.
In addition, the data should be protected through updated software and efficient anti-virus tools. However, to attain this, you must have progressive and efficient IT department. Make sure you are hiring someone with the right skills who you can trust to do the job properly.
An organization should be locked away with strong passwords. Making stronger passwords is necessary for fighting a number of password hacking tools that are easy to get on the market. Try ensuring that there are a combination of different characters including alphabets, numbers, symbols and other capital letters.
 Therefore, organizations should keep unique passwords for all employees as well as the departments. This can be easily managed using a password manager tool and ensuring that all employees receive proper data security training and password tips.

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