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The latest Banking Trojan caused the bank to lose revenue but that’s not their only problem!

bank hacking

The latest Banking Trojan caused the bank to lose revenue but that’s not their only problem!

Let’s start with a bird view on the latest banking Trojan and dive into the hacker’s methodology.

bank hacking

bank malware, hacking the bank

The picture was taken from Securelist blog, link to the full article

Customers expect brands and companies that serve them to protect them, especially when it comes to sensitive information and activities.

The latest attack on Israeli banks and to be more accurate on Israelis bank accounts, is not only a loss of revenue but also a loss of the public trust and credibility.

 

data security- data hacking eng

Picture provided from Zohar Urian’s gsma-2016 slide

This attack was carefully planned and the hackers chose to attack the weakest link- the public! The malware infected customer’s computers that were completely unprotected.

This latest attack should cause security chiefs a great discomfort as the current “user name and password” method is simply not enough! Hackers are excellent in what they do and they are getting to be even more sophisticated with time.

Not only banks and financial institutions should re- think about their security methods but every organization that holds and deals with personal privet data of its clients like government offices, healthcare business, etc.

The technology is out there:

  • OTP methodology- One Time Password methodology send the user a token that is valid for only a short period of time and ensuring that only properly authenticated users are authorized access to critical applications and data.
  • PKI– Public Key Interface allows users to exchange data in a secure manner using both public and privet keys. Read more

So what’s keeping banks, financial institutions and others from using these technologies?

Sadly it’s the fear of providing the public a somewhat more complicated authentication method that prevent organizations using the right authentication technologies.

As Ford said: if we were to ask the public what they need, they would tell us they need a better horse!

Organization should lead the transformation to a highly secure authentication method, this is what your clients expect you to.

One last issue to learn from this banking trojan attack – Getting Prepared!

You can assume that hacker attacks will accrue and at times you won’t be able to prevent them but the important thing you can do is to learn from it and understand hacker’s methodology in order to prevent the next Trojan.

Want to learn more about how you can protect your clients & business?

Contact us

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