Expert Comments on SWIFT bank attacks / North Korea

By   Information Security Buzz Editorial Staff
Chief Editor , Information Security Buzz | May 29, 2016 05:00 pm PST

Without commenting on the geopolitical aspects of this, this is another demonstration of the need for international cooperation against cybercriminals and attacks like this. The financial community knows no boundaries, and funds can be transferred/stolen within seconds. Without cooperation, identifying the perpetrators can be next to impossible.

Smaller banks and financial institutions may lack the sophisticated network and security architecture of larger institutions, and also possibly the security staffing expertise. They potentially should be looking at SaaS solutions where someone else worries about the software.

Banks need to look at acquiring solutions that have DLP capabilities and then need to be paranoid in setting up flags to detect anomalies in “business as usual,” such as attempts at fund transfers to countries where those transfers haven’t occurred before, unusual amounts of transfers and or in the monetary amounts of the transfer flagged – depending on whether there has been an ongoing relationship, new relationship and other similar variables.

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