Bank Cyber-Attacks Said to have Prompted US Federal Reserve to have Prepared New Safeguards

Bank Cyber-Attacks Said to have Prompted US Federal Reserve to have Prepared New Safeguards

29th July 2016 Security

Last month I commented on how cybercrime is a massive threat to UK businesses and how it is reaching a critical state. I have received many comments back about it not just reaching but having reached a critical state.

The threat of cyber-attack is global and the banking system is in dire danger as a result. In American Federal Reserve has taken precautions and alerted all US financial institutions to do the same. Bloomberg Technology gives an interesting insight.

Most businesses are ill-equipped to deal with cyber-attacks and for those that handle sensitive information, this poses some very real risks.

Some comments I have had back as follows:

Cybersecurity Specialist…

“…Arguably, it’s already gone past that critical point. When firms of solicitors are repeatedly paying the ransom each time they get hit by ransomware and do nothing to bolster defences, that critical point has long since passed. As businesses, we need to be more savvy and more open-minded to the concept of doing something about it. Having anti-virus or Office365 just isn’t enough. As consumers, we need to be more demanding and insist, yes INSIST, that any company that holds our data PROVES they have taken some steps to practice good cybersecurity through Cyber Essentials certification as a bare minimum.

Doing something is key to winning the fight. Doing nothing is tantamount to negligence…”

Brigantia partner reseller engineer…

“…the critical state is here not coming…having been at one of our client firms of solicitors when they were hit by a crypto-ransomware attack I know only too well how devastating a cyberattack can be for a professional practice. A member of the solicitor’s support staff noticed that their word documents were starting to be encrypted on their desktop and luckily mentioned this as it was actually happening. I checked and disconnected the PC and went to check the server to find half of their files were already encrypted. Luckily the seventh-day backup was not infected and I was able to wipe all the infected files and remove the infection before restoring the files using the uninfected backup.

Since the attack the solicitors have upped their security game by reviewing their backup solution and adding the Heimdal Security end point cyber security service as an additional layer of protection. The fee earners and staff have also received training on cybersecurity and basic precautions….”

Brigantia Technology Partners, as a well-established national community of resellers and MSPs, is taking to the road during July, August, September, October and November to spread the message through free Cyber Security Breakfast Seminars planned for Leeds, Newcastle, Manchester and London.  At these seminars we will have a speaker from our Cyber Security end point service provider Heimdal Security as well as showing a number of our other security services covering antivirus, cloud storage and secure password management.  We will have our local partners on hand to talk to the business end user attending.

About the author

Henry Chaw: