Every time the word “hacker” pops up in the daily news, companies get more and more uncomfortable. The need for improved internet security is evident as hackers have begun taking advantage of company’s lackluster surveillance.
A week ago, internet security firm Kaspersky Lab released a report noting that hackers installed spying software on bank computers, learning how to transfer money into false bank accounts. The implications of this attack were huge, as more than 100 banks were expected to be hit, with $2.5-$10 million stolen from each bank. Kaspersky stated that “total financial losses could be as a high as $1 billion, making this by far the most successful criminal cyber campaign we have ever seen.” (See the story here).
Another recent story involves thieves using stolen credit card data to make purchases on Apple Pay. These cyber thieves are entering credit card information into smartphones to make purchases, without ever swiping a card or leaving a signature. This issue brings to light how easy it is for cybercriminals to take advantage of new financial platforms at the expense of consumers. (See the story here).
What both these stories bring to life is the question of how this type of fraud can be managed and how companies plan to put an end to it. Financial institutions and other relevant companies have the responsibility of protecting its consumer base. Maximizing protection should be the first step for companies, with the threat of cybersecurity being so prominent.