Answer to Question #193335 in Computer Networks for Zeeshan

Question

What type of cyber attacks need to be considered by the banking sector. List those attacks and how they can threaten the banking system?

Answer 1

1. Data breach
2. Jackpotting attack
3. Phishing attacks
4. Ransomware attacks
5. Insider attacks

• Data breach can be perpetrated by hackers to steal banking details of bank users and sell them on the black market. This can affect the bank accounts of the users and the bank itself as it exposes the bank to more potential hack attacks. It also increases the liability of the bank.
• Jackpotting attacks are used by hackers to target ATMs such that a malware is introduced into the system to withdraw money uncontrollably. This affects the bank as it loses money.
• Phishing attacks are mainly targeted on users in an attempt to steal their information and get access to their money. This can reduce the credibility of the banking system.
• Ransomware attacks can be done to hold banking information at ransom. This can lead to losses due to ransom payments or loss of valuable data such as banking details of users.
• Insider attacks can result when a bank employee sells user details to the black market or helps to facilitate a hack attack. This can lead to direct financial loss or indirect losses due to leaked banking details.