IntroductionFinancial services businesseshave become a prime
IntroductionFinancial services businesseshave become a prime target for cyber-related crime in recent years. Asone report states, “cyber threats are 300 times as likely to target thebroader financial services industry as companies in other sectors”(Ungarino, 2019, para. 5). A prime example of this threat has occurredrecently in Australia where the financial sector has come under threatin a extensive plot to extort money under threat of a distributeddenial-of-service (DDoS). With this in mind, Pagette Beale FinancialServices (PBI-FS) must develop a strategy and implement recommendationsto best prepare and protect itself from similar crimes.Australians TargetedTheincidents in Australia, which occurred in February 2020, are a part of aglobal campaign threatening DDoS attacks on financial institutions if aransom is not paid (Cimpanu, 2020, para. 5). This campaign has beenongoing across the globe for months. The perpetrator of these crimes inunknown, though they have changed their name several times, now claimingto be the Silence hacking group, but even claiming at times to be partof several notorious hacking groups such as Anonymous, fancy Bear, andCozy Bear amongst others (Cimpanu, 2020, para. 11-15). The recentthreats in Australia have been received over email at the variousinstitutions. Often the recipients have received an email that threatensto knock those services offline unless paid that ransom withcryptocurrency (Tung, 2020, para, 2).The consequences if thethreat were to occur could be quite damaging. A DDoS attack wouldcripple network communications at the targeted company. Shutting downonline financial services to the affected companies would also be verycostly. However, while the group has followed through in some cases,very few of these threats have actually come to fruition (Cimpanu, 2020,para. 9). To date, there no prosecution for these crimes in Australiahave occurred.Recommendations to Protect PBI-FSPBI-FSmust develop strategies and implement best practices to prepare itselffor cyber threats that may impact business operations. To protectagainst this particular type of threat several safeguards should be putin place. Primarily, moving some services to a distributed architectureor a content distribution network, or purchasing a service that protectsfrom DDoS attacks (Tung, 2020, para. 3). In general, good cybersecuritypractices would be effective in protecting against many of the threatsthat exist. Many best practices are often integrated into frameworkslike NIST’s Cybersecurity Framework to develop a wholistic plan toaddress cybersecurity concerns. Taking the proper precautions arenecessary to protect PBI-FS from similar threats. ReferencesCimpanu, C. (2020, February 25). Australian banks targeted by DDoS extortionists. Retrieved from https://www.zdnet.com/article/australian-banks-targeted-by-ddos-extortionists/Tung, L. (2020, February 25). ASD warning: DDoS extortion attacks threaten Aussie banks. Retrieved from https://www.csoonline.com/article/3529468/asd-warning-ddos-extortion-attacks-threaten-aussie-banks.htmlUngarino, R. (2019, June 20). Cyberattacks are 300 times as likely to hit financial firms than othercompanies. A Sweeping new report find they’re not prepared. Retrieved from https://markets.businessinsider.com/news/stocks/cyberattacks-impact-major-threats-to-financial-firms-not-prepared-2019-6-1028296130
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