The bank of America, my chosen firm, is yet to be attacked by cybercrime. However, this does not exempt it from experiencing this current trend of attack on financial institutions. Cases of cyber-attacks are very common in the current society. Instances of cybercrime have been reported in the United States each month. While speaking in a cyber-security summit held in California at the Stanford University, the chief executive officer of the Bank of America, Brian Moynihan, called for collaborative action in dealing with the cybercrime that the U.S companies and the public are facing.
The banks in America have built defenses to fight cybercrimes that have devised ways of defrauding people. Customer’s confidence in the security of their finances is important and therefore, banks that have been attacked by cybercrime should seek for ways to restore the trust in their customers. Operations in the bank’s systems can be changed in order to curb the extent of impact by the criminals. Cybercrime more often than not leads to huge losses because the crimes are not easily detectable as they are online or through emails.
Banking as an industry is facing trends that pose as cyber threats. Switching of bank activities opens it up to hackers and other cyber criminals. Computerization of the bank system is a cybercrime threat that is inevitable. Hackers attack institutions in a bid to make their cause known and recognized by the public and the state. For instance, there is a new cybercrime called vishing in which fraudsters call a customer posing as bank officials and retrieves information of the customer’s account. The industry is doing a lot to prevent these crimes such as employing security systems to protect the online or cloud services
Associated Press (February 13, 2013) Bank of America CEO calls for more collaboration to fight cybercrime.
FBI report (September 14, 2011) Threats to the financial sector
Ferguson, D. (February 17, 2015) How safe are you and your bank from cyberattack.
Kuchler, H. (August21, 2014) Experts warn banks of more cybercrimes.
Arnold, M. (October 6, 2014) Banks face rise in threat from cyber crime.Martin, F. Banks call for free rein to fight cyber crime.
Richard, H. The cyber threat to banking.