White Papers for Health Insurance Portability and Accountability Act (HIPAA)

DDOS Threatens Financial Istitutions

Raymann Group

It’s 7:30 a.m. in the morning and just like every other day you grab a cup of coffee as you head to
your office at MyBank to begin your day. As you are settling in the phone rings, you answer it
and on the other end is a voice instructing you to wire money to a Western Union account in
eastern Europe or the attacks on the network will continue.What happened to MyBank was not a fluke or unique.1 Financial institutions’ growth in online banking, networking and access to the Internet has led to an alarming increase in operational, reputation, strategic, and systemic risks not to mention real time attacks like distributed denial of service (DDoS). Real time disruptions occur quickly, without warning, and many times with devastating results. The time from release of a newly discovered vulnerability - a weakness that allows specific threats to compromise computer systems - until the actual attack is decreasing from days to seconds. Security experts report it takes as little as six seconds for a launched attack to find and infiltrate an unsuspecting system.

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