In light of the report from Which? Money which states that UK banks are experiencing daily IT glitches that are slowing down payments, Jake Moore, Cyber Security Specialist at ESET commented below.
Jake Moore, Cyber Security Specialist at ESET:
“IT glitches are common place but it comes down to how the banks deal with these issues, ranging from slowing down payment times to network blackouts and mass failures. Most importantly, these banks will have a crisis management process planned out for all known attacks which will guide them through stage by stage to get back up and running, leaving a minimal impact on the business. Protecting critical infrastructure is of utmost importance and the larger the risk, the more resources need to be implemented.
However, in an age where cyber criminals act on socially engineering their victims into acting fast on feelings such as fear or urgency, slowing down the payment process online might not in fact be a completely bad idea. The longer a transaction takes to transfer, the bigger the chance the bank can put a stop to that payment in mid flow should it be found out that the sender has been a victim of fraud.”
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