Although hacktivists announced suspension of DDoS attacks against banks, other industries are now getting hit, and banks can't afford to get complacent because of the fraud risk, says security specialist Bill Stewart.
Hacktivists on Jan. 22 threatened more DDoS attacks against U.S. banks and claimed they recently hit three institutions. Despite banks' improvements in staving off online outages, the longevity of the attacks is concerning, experts say.
"A year ago, quite frankly, the capability was not there," DHS Deputy Undersecretary for Cybersecurity Mark Weatherford says. "We did not have the capacity to collaborate nearly as effectively as we do now."
Which fraud trends need the most attention from U.S. banking institutions in 2013? Distributed-denial-of-service attacks and account takeover, says FS-ISAC's Bill Nelson, who offers fraud-fighting tips.
To mitigate the top threats for 2013, organizations need to understand the motivations of potential attackers so they can adequately defend their networks and systems. Experts describe risk management strategies for the year ahead.
Hacktivists announced Dec. 18 that they planned yet another round of distributed-denial-of-service attacks against five U.S. banks. Wells Fargo confirmed its online banking site experienced outages throughout the day.
Leaders at four security technology companies say the recent distributed-denial-of-service attacks against 10 U.S. banks highlight the need for new approaches to preventing and responding to online outages.
Download the transcript of this interview in PDF format (sponsored by Corero Network Security)
As DDoS attacks on banks continue, institutions can take immediate steps to lessen the impact on customer experience and reduce fraud risks. Jason Malo of CEB TowerGroup offers insight.
When it comes to fighting DDoS attacks, institutions must understand the threats against them, says Bill Wansley of Booz Allen Hamilton. Varying attack vectors require different modes of detection and prevention.