In this assignment, students will be required to write a response to the following prompt: The American Legislative Exchange Council (ALEC) is deeply embedded in our contemporary politics as an intere
Discussion-1:
To stop hackers in their tracks, IT groups at banks have expanded insurance of client information and restricted charge card misrepresentation, the security of most banks' inward frameworks still need verifying. Here are a few thoughts on how bank IT groups can improve their system security to more readily verify the vault:
1. Respond as though the system has just been broken, embracing this attitude powers, the IT group to organize the most business-basic pieces of the system and use arrange division as a methodology. At the point when done effectively accomplished through the making of system zones, confines the capacity for a programmer to move horizontally over a traded off system (AIAA, 2013).
2. Implement an undertaking wide security arrangement, A well-characterized security arrangement fills in as a vital guide for any bank IT group to keep up a security design. It's what helps the general population entrusted with ensuring the bank's frameworks decide the most ideal path for the system to work with insignificant hazard (AIAA, 2013).
3. Security strategy implementation, it’s one thing to have a security approach that characterizes how the IT stage acts and another to really approve that it is being authorized over your system.
Precautionary steps:
In its notice, the FBI prescribed that banks endeavor a few endeavors to venture up ATM security:
• Implement solid secret phrase necessities and two-factor validation utilizing a physical or computerized token when feasible for neighborhood overseers and business-basic jobs.
• Establish partition of obligations or double confirmation strategies for record equalization or withdrawal increments over a predetermined limit (Porretti & Kolev, 2016).
• Limit the utilization of unapproved applications to hinder the execution of malware.
• Monitor, review and cutoff overseer and business-basic records.
• Monitor for the nearness of remote system conventions and authoritative instruments
• Monitor for scrambled traffic going over nonstandard ports (Siu & Lim, 2014).
Discussion -2
Cybercrime has cosmically ascended with innovative headways near the business openings on the internet. Cybercrime is presently seen as one of the main 10 worldwide dangers. In acknowledgment of the risk presented by cybercrime, associations are putting resources into controls and countermeasures that would battle the danger of cybercrime and its effect. The coming of cell phones has made a method for giving money related administrations to more than two billion individuals globally who have no access to formal banking services. As people rely more on more on mobile banking or Mobile financial transaction, vulnerability towards the cyber threat is increasing. Existing countermeasures function admirably for predefined conditions yet are not appropriate for socio-specialized communications inside a complex STS like the MFS STS. (Carter, 2017).
ATMs
Jackpotting attacks against ATMs are highly profitable and often involve both logical and physical attack vectors. To achieve jackpotting, the criminal installs the malware sample on the ATM. Sometimes this can be accomplished by gaining physical access to the ATM system, sometimes by communicating with it over the compromised network. ATMs in the United States using “Ploutus.D” an advanced strain of jackpotting malware cyber threats. ATM cybercrimes can be countered by limiting the access to the ATM, by safeguarding the ATM’S physical components by using a locking mechanism. Access control systems also play a key role in safeguarding the ATM’S, by using two-factor authentications. Cyber attackers usually try to target the system software by injecting malware and this can be minimized by introducing intrusion detection mechanisms. This should include monitoring the integrity of and controlling the access to system-critical files and the registry. Activate the system/host-based firewall and apply the adequate configuration. Implement hard disk encryption to protect the ATM from software modifications initiated by external boot attacks. ATM’S need to have the best network security practices. Keeping the software system up to date is also a key factor to reduce system vulnerabilities. (Damodaran & Rowe, 2019) PAYROLL Cybercrime on online payroll websites usually happens when phishing event occurs, these phishing emails miss guide the user to login and the hacker tries to change the employee's bank account details and the victim never receives any updates on change of Direct Deposit or payroll information and funds are redirected to the newly updated account details. These kinds of Payroll fraud can be minimized by using multi-factor authentication. Employees need to participate in phishing training activities to under how attackers engage in cybercrimes. (Ben-Asher & Gonzalez, 2015).
