3 ways IT can secure against bank cyberattacks

How to stop hackers in their tracks

IT teams at banks have increased protection of customer data and limited credit card fraud, but the security of most banks' internal systems still need securing. Here are some ideas on how bank IT teams can improve their network security to better secure the vault:

1. Adopting this mindset forces the IT team to prioritize the most
2. A well-defined security policy serves as a crucial road map for any bank IT team to 
3.  

Bank robbers aren’t committing physical acts the way they used to. This new generation of cybercriminals has an intimate knowledge of banking systems’ inner workings and are using vulnerabilities to their advantage. 

While managing network security can be a complex, resource-intensive task, it’s crucial for senior management to have an accurate picture of the organization’s security posture at all times and the ability to act quickly to close any gaps. 

Carbanak proved last year that stealing directly from a bank’s systems yields big payouts for cybercriminals, and the malware is showing no signs of slowing down, as new variants continue to emerge over a year later. 

What’s old is new again

New variants of the malware surfaced last fall, delivered through phishing attacks, and new criminal groups emerged as recently as this past February, employing similar tactics of spearphishing to embed customized malware and gain control over ATMs. Unfortunately, phishing attacks are still extremely prominent, and for good reason: They’re immensely successful.

Attackers take extreme care in developing convincing emails that appear to be legitimate banking communications to trick bank employees—or third parties with access to bank systems—into handing over their user credentials. Once inside, attackers exploit known vulnerabilities in commonly used applications that remain unpatched by large banks due to their cumbersome infrastructure.

One phishing campaign drove attackers to steal over $100 million from the Bangladesh central bank account at the Federal Reserve Bank of New York. Attackers spied on the Bangladesh Bank for weeks before the attack, quietly infiltrating dozens of computers with phishing attacks to steal credentials for payment transfers. Unlike the old days, when attackers meticulously and physically cased a bank to determine the best plan of attack, modern-day bank breaches actively entice victims through these deceptive practices.