In this week’s news, there has been a potential breach of multiple major financial institutions. Experts are analyzing the situation in an effort to provide consumers, businesses and other financial institutions with security solutions.
Paula Mejia of Newsweek reported “hackers have stolen gigabytes of sensitive data from JPMorgan Chase and at least four other banks in a series of complex cyber attacks.” Mejia goes on to say, “In mid-August, a group of hackers broke into the banks’ computer networks using top-shelf malware, then nabbed information such as checking and saving account numbers and deleted records, according to a select few briefed on the attacks.”
Fox Business’s, Adam Samson wrote that the cyber criminals who targeted these financial institutions “were trying to send a poignant message: Even the most secure systems can be infiltrated.” Samson explains that beyond the obvious reasons why financial institutions are such high targets, they are also frequently pinpointed for their ability to thwart a variety of attacks, “including frequent distributed denial-of-service attacks that bring their consumer-facing websites to a crawl.”
Laura Lorenzetti of Fortune attributed this most recent attack, among others, to the considerable political tension around the globe. Specifically this attack by Russian hackers was an effort to “retaliate against U.S. imposed sanctions.” Lorenzetti quotes vice president of security solutions at Radware, Carl Herberger, who stated, “In the world of globalization, we will continue to see that for every real world government action, there will be a cyber reaction.”
What do these financial institutions need to do in order to protect their infrastructures and consumer data? How does a breach like this directly impact consumers and what should they do to protect themselves? Tell us what you think on Twitter and Facebook, and be sure to check out our Tumblr for the latest industry news stories.