The Cyber Attack

Any organization could face several types of attacks; cyber attack is one of the main threats that a company might get especially since we live in an era where technology dominates day today operations. Cyber attack is any attempt to destroy, steal, exploit or gain unauthorized access to an asset by computer. Long time ago we used to hear that bank theft is usually happening by a gang where they physically inter a bank and start robbing while holding the employees under gun point, but nowadays robberies could happen within a click!

The present of the World Economic Forum has announced by early 2018 the cyber attacks have cost USD 1 trillion worldwide. For example, in 2017 a bank in Eastern Europe encountered a cyber attack through accessing their card processing system, they also hacked the bank infrastructure and increased card overdraft limits. In addition, they disabled the bank anti fraud system that would send alarms for any unusual transactions. Such attack unfortunately cost the bank approximately $100 million. Such an attack is called Phishing, which is a form of communications that appear to come from a reputable source, usually through email. The goal is to steal sensitive data like credit card and login information or to install malware on the victim’s machine. As a business manager I would increase the risk mitigation procedures in the Information Security Department and spread awareness to clients to be more conservative when it comes to sharing information especially online. 

References:

Positive Technologies. (2019, January 11). How hackers rob banks. Retrieved February 6, 2019, from https://www.ptsecurity.com/ww-en/analytics/banks-attacks-2018/

Cyber Attack - What Are Common Cyberthreats? (2018, November 05). Retrieved February 6, 2019, from https://www.cisco.com/c/en/us/products/security/common-cyberattacks.html