You will prepare and submit a term paper on Cybercrime Security Threat. Your paper should be a minimum of 1250 words in length. Companies considered experienced 72 successful attacks per week (Ponemon Institute August 2011).
The crimes termed most costly by businesses include crimes that as a result of malicious code, denial of service, stolen information, and web-based attacks. Due to loss accrued in cybercrime, companies must use hi-tech means to combat the crime. The measures must include anti-malware solutions that merge signature-based detection, heuristic analysis, and cloud-assisted technologies. This combination of solutions ensures that different forms of attacks on computers and data by criminals are minimized. Day by day, cybercriminals derive different ways of attack so organizations must stay equipped with the best tools to solve the problem as they arise (Kaspersky lab 2014).
Financial institution is the hard hit institution by the cyber crime. Due to its vital nature, the financial sector has teamed up with the government and law enforcement agencies to help curb the offense. The financial sector has established a section to study new emerging threats and instantly warn their customers to avoid significant loss. Services like financial crime alerts service have been employed by financial institutions to warn in case of an attack. As criminals increase their tactics of attack, financial institutions like banks have used more safe ways. Banks encouraged customers to do their banking on their Smartphone application they tailored specifically for banking that seemed safer than the use of ATM cards (Mann and Sutton 2010).
A terrible cyber attack was reported on a bank JPMorgan chase. It is the biggest bank in US by the number of properties it owns. The attack originated from Russia according to national intelligence report. It is believed that it was stage-manage and financed by the Russian government (The New York Times).
The bank is said to hold 76million accounts for households and 7 million for small businesses. .