Information Security Threats to the Banking Industry
CMGT/400
University of Phoenix

Information Security Threats to the Banking Industry

To start off with I chose to go with our banking or financial industry. The banking industry is constantly getting attacked by various methods on a daily basis. I chose this industry because I happen to know someone who works in the security sector at Wells Fargo Bank, he was a good person to get information on what he sees on a daily or weekly basis. This paper is the opinion of myself and with gathered information from various resources. The three main threats that face the banking industry are; Organized crime targeting financial …show more content…

The next type of attack is the call forwarding that tops phone-based authentication as well as transaction verification using SMS or Voice calls. The MITB attacks have already started targeting two-factor authentication that is used to protect U.S. commercial online banking accounts. Malware Malware is leading in the infection methods because it is a drive-by-download (meaning it takes over a legitimate websites; routing visitors to an infection server). These attacks have doubled if not tripled within the last 2 to 3 years. The reason these attacks have increased is the use of social networks and being spread by these social networks. The banking industry has multiple teams of information security specialists that work each day to minimize the attacks and to close all spots of vulnerability that they can. The best way is to inform and teach all banking personnel what the potential threats are and those include the corrupt banking insider. The next best thing that can be done to prevent these attacks is the security teams monitor and watch the banking logs and check out all suspicious activity no matter how small it may seem. The next thing is to make sure all security software is kept up to date and that the system is being scanned daily and weekly. The Data Protection Act 1998 establishes a framework of rights and duties which are