Imagine hundreds of billions of dollars vanishing right before your eyes. Well that’s exactly what happened yesterday when someone caused the stock market to temporarily crash by hacking into AP’s Twitter feed and tweeting about a White House bombing that never happened.
Unfortunately, hacking, intrusions, phishing and Internet fraud are just some of the malicious activities that occur on a daily basis. To some extent we are so bombarded by them that we have become kind of ambivalent. This is exactly what we should not be doing. These malicious activities occur on an epic scale, probing for vulnerabilities in a highly-sophisticated manner. This is a 24/7 operation that never sleeps, takes vacation or sick days, or goes home on the weekends. It never takes a break when you do.
While many are talking about Twitter security concerns, financial institutions are obvious targets for those seeking ill-gotten gains, as well as those with anti-West and anti-capitalist political motives. And yesterday’s events proved that social media’s problem is also a business problem. It’s critical that financial services and insurance companies maintain ongoing security efforts, not only to defend against these kinds of attacks, but also to provide continuity in case of catastrophic events like Hurricane Sandy—which had a tremendous economic impact on businesses in the financial services sector.
Today, financial services institutions typically use data transmission platforms to move various data around geographically diverse entities, as well as to and from customers and partners. Legacy systems are not fit for this purpose. It’s a dirty little secret that openings exist which could be found by internal staff and malicious outsiders. The good thing is information security departments now have the budget to modernize and consolidate these platforms in order to eliminate any vulnerability, while also increasing agility and reducing costs. Learn more about SEEBURGER’s financial services offerings today.