Security Threats That Bank Of America Faces Today

As value customers of the Anthem, Inc. we believe it is important to keep each one of you informed of any incident that might affect your business with us. Your privacy and security is our priority for the reason Anthem, Inc. would like to inform our customers of a recent phishing attack. Unfortunately, we have experienced similar attacks in the past which led many of the employees and customers’ data exposed to hackers. Even though this is a serious matter for the company and the customers it is important for us to make our customers aware that phishing attacks are common and they cause huge losses to both the customers and the companies (Wright et al., 2014). Our most recent attack took place on April 2014 and it affected about 80 million identifiable data stolen via phishing emails. The

In recent years, The Internet Banking, namely, online banking means the transitions of banking activities including checking account information and payment of bills through the website (Singhal and Padhmanbhan, 2008; Ahasanul et al, 2009) is popular in the worldwide. Abdou (2014) shows that in the UK, the number of online banking user was increased from 63% to 70% between 2011 and 2012, and 47% of Americans used online banking, according to the research by the Gartner Group. The essay will discuss the advantages of internet banking and external security risks which results from internet banking including the threat of hackers, Trojan and viruses, as well as putting forward several feasible suggestions to reduce the negative impact of the internet banking external security risks, such as regularly check the external security of internet banking and improve the security awareness of public about set’ one-time ‘passwords.

The risk of financial sector in the United States of America has become increasingly more apparent and more diverse to the United States over the last few decades partially because of the advanced computer and cyber based accounting networks that the Nation has shifted to. The security of our financial systems is absolutely critical including being one of the primary concerns and directly

(April 2015) today our financial and personal information is everywhere. It is in our phones for mobile payments, in our wallets on our credit cards and in the data centers and clouds of the companies and third parties that complete transactions on our behalf. With so much personal information—quite literally—floating around various access points, it has never been more lucrative or easy for cyber-criminals to access and mine private information to sell on the black market.The Target data breach at the end of 2013, which affected the card payment information of more than 40 million shoppers and the personal data of almost 70 million consumers, kick-started a continuous barrage of point-of-sale (POS) attacks affecting consumers, businesses and banks throughout 2014. Between the breaches at Dairy Queen, Home Depot and Neiman Marcus, it seemed like cyber-criminals were always one step ahead of the game, using malware and card-skimming techniques to gain access to confidential

In December of 2013, over 40 million credit card information was stolen from 2000 Target stores. This paper will explore the known issues in the Target breach and consider some of the Critical Controls that could have been used to prevent this breach and mitigate the losses. There are multiple factors that led to the largest data loss in history. Vendors were subject to various phishing attacks, memory scraping malware and detection used by Target that failed. One of the possible solutions for preventing and mitigating similar breaches is using a multi-layered security strategy, and to consider human factors that may be contributed to the loss of this information.

Restricting access to sensitive information plays a vital role in the success of any organization. Information is deemed sensitive when it needs protection from unauthorized access. Protecting this information is essential in safeguarding security and privacy of an organization. Thus, an organization such as Bank of America has taken measures geared towards protecting its sensitive information from unauthorized access. Just like other organizations, Bank of America has two types of sensitive information. The first type of sensitive information is personal information. This is data that may affect an individual if

Mason Financial LLC is a large company that is built on handling of personal data. As the company performs its operations on a network and over the Internet, it is exposed to a plethora of information security risks. Insurance and financial records are a prime target of hackers the world over. As the company stocks volumes and volumes of such personal information, it paves way for hackers and other fraudsters to commit insurance scams. Digital information makes it easier to monetize operations and it is always hard to track. There is the need for all stakeholders handling such sensitive personal information assets to be aware of security implications, monitor their personal credit cards and banking information besides consumers remaining

In the article, Bank of America ordered to pay $2.2 million to 1,000 black job seekers it discriminated against written by David Knowles there was a major issue regarding racism. This written piece discussed the court case against Bank of America and how this corporation was ordered to $2,181,593 in back wages and interest to 1,147 African Americans that were denied jobs. This bank’s office branch in Charlotte, NC had discriminated against blacks in 1993 and again between the years of 2002 and 2005. This case was first introduced in 1997 and settlements were not concluded until late 2013.

As the world has come into the 21st century, there is one prominent and constant fact - everyone is on the internet. Whether willingly or not, information like house addresses, social security numbers, and credit card numbers can be put out and obtained through the internet. It is unusual for a business, even an individual person, to not have a website. Knowing the types of threats that are out there is the first step to implementing protection measures. While there are many types of well-known threats in existence, there are even more types of common, yet less well-known threats out there.

The act of tricking individuals into divulging their sensitive information and using it for malicious purposes is not new. Social engineering attacks have occurred on the internet throughout its existence. Before widespread use of the internet, criminals used the telephone to pose as a trusted agent to acquire information. The term “phishing” has origins in the mid-1990s, when it was used to describe the acquisition of internet service provider (ISP) account information. However, today the term has evolved to encompass a variety of attacks that target personal information.

Cyber-Security risk will only increase in importance and require ever greater resources. As a Financial institution we store an increasing amount of data about their customers, the exposure to cyber-attacks is likely to further grow so we have to make protection against cyber-attacks one of our top strategic priority (The future of Bank Risk Management, 2016).

Being touted as the 'new era of cyber crime', advanced phishing attacks recently were responsible for stealing as much as $1 billion from over 100 banks worldwide. [1] In an attack that took place in the shadows of the networks of their victims over more than 2 years, this display of how dangerous these phishing techniques are becomes very apparent. In previous years, it was always thought that the easiest way for a hacker to steal would be for them to go after the customers directly. However, as became apparent in this attack, hackers have become much more resourceful at how they get access to the banking information they desire.

Hackers identify several vulnerabilities in our global banking system, which enabled this hack to occur. First, hackers were able to gain access to the database of payment processors for Visa and Mastercard because they were less secure than the companies themselves. They targeted prepaid debit cards issued by two Middle Eastern banks whose database was also less secure than their American and European counterparts. The hackers next used dummy magnetic strip cards with fake information loaded on the strips to withdraw over $45 million dollars in over 36,000 transactions.

In this day and age, the threat of identity theft for the common individual has increased drastically. With advancements in technology and the ever growing power of the internet, identity thieves can rob personal information from unsuspecting victims quickly and easily. Identity theft has formed into a particular type of cyber crime. Perpetrators access the personal information of individuals by “phishing”, deceiving them into giving them personal data, the use of malware to access information, or hacking which allows criminals to illegally access individual’s computers. However, the breach of personal data is not limited to the individual person, as recently as 2016 organizations such as the United States Federal Reserve, the Central Bank

Firstly, the internet banking userid and the password provided to a customer is purely static. If this confidential information is the in the hands of an intruder, online banking systems doesn’t even check for the