Therefore, when breaches in security take place, they are most likely to bring about significant damage and loss. Therefore, the network administrator will not be deemed accountable for abuses and breaches in the network (Stallings and Brown, 2012)
12. Self-control and restraint is to be used at all times (Weckert and Lucas, 2013)
One of the most notable cyber-attacks occurred in July 2014, and involved a massive regional banking network that was compromised by unidentified third party, which placed the accounts of over 72, 000 customers at huge risks of exposure. Investigations carried out showed that the unidentified third party could have accessed customer information, such as names, account numbers, addresses, personal identification numbers and account balances (Cordle, 2014)
One unique type of cyber-attack that reduces the effectiveness of monitoring and maintaining adequate protocols for cyber security is that an attack can sometimes come from traditional methods that utilize a process or network system vulnerability that is not quite obvious or evident to an institution. This was the situation when a well-publicized mobile payment policy was revealed and cybercriminals adopted a technique employing identity theft, instead of hacking into the payment scheme, to utilize the sign-up process of the customer to authenticate credit cards to be used on the new payment scheme (Crossman, 2015)
Looking out for breach-related expenditure in these firms' quarterly financial reports, Dean found out that the real expenses these firms reported were less than 1% of the annual revenues of each of the companies. After reimbursement from insurance and minus tax deductions, the losses become even less (Dean, 2015)
As a result of the technique employed for carrying out the cyber-attack, the attack was not detected for nearly 2 months before the bank uncovered the attack and made moves to shutdown access points of more than 90 servers. The bank collaborated with crime detectives and banking regulators, with the aim of uncovering the technique used in the attack, and made sure they addressed issues concerning the vulnerability of network systems (Glazer, 2014)
They also use banks as a means of reaching other targets. For instance, a hacked email account at a bank gives hackers the avenue to ride on the trust they enjoy from its loyal customers to contact their retail and business customers (Korolov, 2015)
To minimize the efficiency of these attacks, banks have devised improved communication and educational tools for customers, and ways for quick intervention in the case of an attack. However, apart from creating harmful software created to hack online bank details, criminals have found ways to subvert the software and servers owned by prestigious financial institutions to make their phishing campaigns more effective; this technique is known as infrastructure hijacking (Pettersson, 2012)
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