Banks, financial firms told to prepare against ‘intensifying’ cyber attacks

A cloud services provider on Friday urged banks and financial firms to beef up their system’s defenses against “intensifying” cyber attacks.

In a statement Friday, cloud services provider IP Converge Data Services Inc. (IPC) and its internet security solutions partner Nexusguard said banks and financial firms should work on strengthening their systems to prevent or fight off a cyber attack called Distributed Denial of Service (DDoS).

Up to one-third of such attacks worldwide were aimed at the financial sector, it said.

DDoS attacks occur when a website “is flooded by malicious traffic generated by infected systems called botnets,” which causes the server “to be overwhelmed with connections and crash, refusing new connections to be made.”

This cyber attack is also being used by cybercriminals “as an accessory to even bigger assaults” like illegal wire transfers and fraud,” according to IPC.

Niño Valmonte, IPC director for Product Management ang Marketing, said this is considered “a major threat especially now that most banks and financial institutions have already established an online presence,” supposedly to facilitate customers’ accessibility to their accounts.

“Companies must understand that falling victim to these attacks will not only lead to financial implications, but may also tarnish their business reputation,” he said. “Customers will have the perception that you’re not good enough to protect their interest.”

Losing data can open the company to lawsuits that may be filed by clients whose private details would be exposed “because of an unmitigated attack.”

Sourse: gmanetwork.com

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