Aug 28, 2013 Dave King
ACH cards continue to become more popular among enterprises and financial institutions, as these automated payments can improve the efficiency of payroll and other regular obligations while yielding increased convenience for employees, vendors and customers. However, just because these transaction methods are automated does not mean businesses can let them operate without any inhibition.
Rather, trusted members of staff still need to be heavily involved in the oversight process, looking for any abnormalities and vulnerabilities that could lead to hacked accounts, stolen financial data and identity theft. Wire and ACH fraud has been found to be among the newest and most preferred tactics of cyber criminals today, and as such needs to be a focal point in organizations' security protocols.
How to prevent DDoS
Sys-Con Media recently listed several ways in which organizations can avoid issues with Distributed Denial of Service (DDoS) attacks that most commonly target financial institutions. These attacks are among the most difficult to identify, as they effectively make certain networks, machines or other systems unavailable to users.
Some of the more common symptoms of a DDoS strike include website outages, slow or no Internet connections and increased volumes of spam emails. According to the news provider, some hackers will use DDoS attacks to get a ransom out of a financial services firm, or perpetuate fraudulent activity through ACH and wire transfer accounts without being detected.
The source suggested implementing traffic filtering software for online applications, as well as solutions that will help maintain control of internal apps. There are also DDoS mitigation solutions that are available for both cloud computing systems and solid-state drives, which can reduce the risks of the attacks.
Sys-Con Media added that training needs to be delivered to all users and employees, while the lessons should reflect any advancement of threats. Finally, the news provider noted that internal data and operational security policies should be regularly updated and improved.
Recognizing the threat
Banking firms, alternative lenders and businesses should understand that the cybersecurity threat is very real. The Identity Theft Resource Center has recorded 16 breaches that have led to the exposure of nearly 270,000 sensitive records in the financial sector so far this year.
The organization has also found that the business sector has experienced 122 breaches that led to more than 2.8 million exposed records. More thorough security measures are needed to reduce these figures.