Financial Crime World

Here is the converted article in Markdown format:

Cyber Risk in Financial Institutions: A Polish Case

A recent surge in cyber attacks on financial institutions in Poland has raised concerns about the vulnerability of these organizations to online threats. According to a report by Google Scholar, cyber security trends and implications in the financial services sector are becoming increasingly important.

The Growing Threat of Hacking and Ransomware Attacks

The report, authored by Philippe Lepoutre and Pierre Mirland, highlights the growing threat of hacking and ransomware attacks on financial institutions. The authors note that over 200 Polish banks were targeted by hackers in 2016, resulting in significant financial losses.

Artificial Intelligence: A Double-Edged Sword

Another study by Georgetown University professor Michael Maloof provides an introduction to artificial intelligence, a technology that is increasingly being used to enhance cyber security measures. However, the study also notes that AI can be used for malicious purposes, such as creating more sophisticated hacking tools.

Effective Risk Management Strategies Are Essential

In Poland, a recent attack on several banks highlighted the importance of effective risk management in preventing and responding to cyber attacks. According to Business Insider Polska, the attack was carried out using social engineering techniques, which involve tricking individuals into revealing sensitive information.

The Economist notes that human error is often the weakest link in computer security, highlighting the need for robust training programs and awareness campaigns to educate employees about online threats.

Credential Harvesting: A Common Technique Used by Hackers

In an interview with WPA, a cybersecurity expert noted that credential harvesting is a common technique used by hackers to gain unauthorized access to financial systems. The expert emphasized the importance of implementing strong authentication measures and regular system updates to prevent such attacks.

Techniques Used by Hackers

The Foundation of Cyber-Attacks: Credential Harvesting, a report by Torsten G., provides further insights into the techniques used by hackers to harvest credentials. The report notes that hackers often use phishing emails and other social engineering tactics to trick individuals into revealing sensitive information.

Conclusion

According to a study by Nikoleta Musiał, cyber risk in financial institutions is a growing concern in Poland. The study notes that effective risk management strategies are essential for preventing and responding to online threats. In conclusion, the recent surge in cyber attacks on Polish banks highlights the importance of robust cybersecurity measures and effective risk management strategies in the financial sector. As technology continues to evolve, it is crucial for financial institutions to stay ahead of the curve and implement robust security measures to protect against online threats.

References

  • Lepoutre, P., Mirland, P. (2017). Cyber security: trends and implications in financial services.
  • Maloof, M. (2017). Artificial intelligence: an introduction.
  • Business Insider Polska, Słynny Haker Radzi, Jak Chronić Dane Przed Atakami Wykorzystującymi ‘Inżynierię Społeczną’.
  • The Economist, The Weakest Link, if only computer security did not have to involve people.
  • Torsten, G. (2018). The Foundation of Cyber-Attacks: Credential Harvesting.

DOI: https://doi.org/10.1007/978-3-030-16045-6_16

Published: April 17, 2019