Download pptx - Banks lack ammo to fight cyber crime

Copy r ight © 2013, SAS Ins t i tu te Inc . A l l r ights reserved.

INTRODUCTION

• A review of the key industry threats and responses ahead

• Survey of 250 respondents in financial services, all of whom have influence on, or knowledge relating to, their organization’s cybersecurity risks and responses

• Supplemented by expert interviews


BACKGROUND

• New opportunities – and new threats • Cybersecurity is a wide-ranging problem but financial institutions often lead

the way• Threats range from simple to complex• Both technologies and threats are evolving


RISK RADAR


KEY FINDINGS

• The weakest link• Trust trumps financial losses• A lack of cooperation is hindering progress• Response strategies are evolving• Nearly one in three of those polled rate limited customer awareness as a key

challenge; careless employees are also cited as a concern


STATE OF PREPAREDNESS


CYBERCRIME: THREAT LANDSCAPE

• Highly sophisticated with varying agendas• Continuously evolve attack methods – look for

weakest link• Organized and agile• Leverage insiders


TODAY’S RISK: COMPLEX MULTI-FLANK ATTACK (5/10/2013)

Unlimited Operation• Cyber hack into 2 card processing companies• Stole & counterfeited pre-paid debit cards• Reprogrammed the cards with infinite balances• Organized criminal cells used to withdrawal money

at ATMs across 20 countries• 8 men made 705 ATM withdrawals in US in 144

minutes (a withdrawal every 98 seconds, $2.8M)• Global withdrawals of over $45M

• Hackers watched withdrawals from remote screens

to ensure “they were not defrauded”


Q&A

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via the question panel on your WebEx

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THANK YOU

Download Research Whitepaper at

www.sas.com/cyberrisk