Combating Cyber Attacks With Internal Controls
News media in the U.S. are abuzz with stories about cyber attacks as financial institutions emerge as the prime targets of cyber-criminals. Reports suggest that since September 2012, cyber attacks on bank networks have exploded.
Actually, banking and other financial institutions have always been a top target of hackers. During the past few years, renowned banking organizations across the globe have fallen prey to criminal hacks. Beyond huge financial losses, the victims suffer irreparable damage to their trust and credibility, the hallmarks of financial institutions.
Combating sophisticated cyber-attacks demands a multi-pronged strategy incorporating an exhaustive set of activities. Financial institutions need to deploy security devices, enforce security policies, control access to resources, monitor events, analyze logs, detect vulnerabilities, manage patches, track changes, ensure compliance and monitor traffic among other activities.