Ready or Not, Here Comes the Next Big Digital Attack

Don’t say the FBI didn’t warn you. Earlier this month, the federal agency delivered an alert to banks warning of a global cyber attack targeting ATMs. Less than three days later, a malware attack on Cosmos Bank of India’s ATM server resulted in hackers withdrawing millions of dollars from cash machines in countries all over the world. It’s good to have a heads-up, but when it comes that close to the event, there’s not a lot you can do to prepare for the fallout. It’s like getting a hurricane warning and rushing out to stock up on water and plywood, only to find that it’s too late to do any good.

That’s what this post is all about—the need to have a comprehensive omnichannel strategy in place to deal with digital fraud, long before an attack takes place. It may not be possible to stop a cybercrime event from happening, but the chances of surviving and limiting the damage are far better if measures are taken in anticipation of the worst. It also may not be possible to know precisely what kind of attack is coming (although in the case of the ATM cashout fraud that hit Cosmos Bank, there had been precedents, including the infamous Carbanak and Cobalt malware attacks of 2013-2017). But regardless of how digital attacks evolve, it’s always possible to take steps to minimize the impact of whatever threat comes next.

10 Precautions for Financial Institutions (FIs) and Customers

To reduce their exposure to digital fraud, (Read more...)

*** This is a Security Bloggers Network syndicated blog from RSA Blog authored by Angel Grant, CISSP. Read the original post at: