Banks, businesses need to prepare for cybercrime

passwordMajor enterprises in the current business landscape have more to worry about than ever before, especially as cyber criminals continue to increase efforts to thwart security protocols and steal information from unprepared companies. However, the most common causes of data breach are employee negligence and human error, illustrating the importance of creating fool-proof plans, using the right archiving and security software and, of course, ensuring that all policies are enforced and oversight is stringent.

Though businesses of all sizes, as well as government agencies, have been the more common victims of outsider attacks in recent years, criminals now seem to be focusing on the nation’s infrastructure and financial institutions. Often referred to as advanced persistent threats (APTs), networks of cyber criminals are combining forces to be more effective in stealing information, identities and finances than ever before.

Security firm issues warning;

CNN Money recently reported that McAfee, one of the world’s largest IT security firms, released the results of a study that upheld the findings of RSA research from October that asserted the world’s largest banks are at risk of a very serious cyber crime. According to the news provider, both IT security firms believe that APTs have developed something they call “Project Blitzkrieg,” which involves an advanced Trojan that will reportedly steal money out of the biggest banks in the country, funneling the funds out of customer accounts.  This is the latest in a long line of crimes that came very close to affecting the nation’s banks, and more specifically, the average account holders’ finances. Unfortunately, the vast majority of these attacks weren’t thwarted by the banks’ security systems or personnel, but rather outsiders that stumbled across the instances while researching other problems.  McAfee had already uncovered another scheme this year, called “Operation High Roller,” which would have incurred $80 million from U.S. banks, CNN added.

Preparation is key;

Many of the most scathing reviews of enterprise IT archiving and data security practices directly attack companies for a lack of effort to prepare for attacks. Businesses need to follow the old Boy Scouts motto, Be Prepared. Enterprises can seal up their systems by adopting the most advanced data archiving and security software, as well as through the establishment of strong, stringent policies that deter all potential threats, both those arising from inside and outside the firm.

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