Term Paper on "Analyzing Risk and Threat Assessment"
Term Paper 6 pages (2081 words) Sources: 1+
[EXCERPT] . . . .
Sometimes, when the supervision of these assets is wanting, there can be loopholes that allow for the entry of these attacks. Thus, procedures must be designed to protect the company's assets and these measures must be adhered to.Information Access
The Bank of America must protect its customers' information at all costs. The customer's information must remain confidential. When this information is compromised, it can be exploited by attackers. System checks can keep this information open only to authorized personnel. However, there should be password controls that require changes of passwords after specified periods of time as well as the use of strong passwords.
Media Disposal
The destruction of data and media containing data is also a source of vulnerability. This is a task that should not be given to subordinate staff as many institutions do. It should be handled professionally. Media can be wiped as per a set down procedure. This process should be checked by a different person and then recorded. When the media has been confirmed to be clean, it can be reused. Vulnerability occurs when the checks are not made and it is assumed that the data has been wiped.
Crime and Criminology
Many of the cyber-attacks around the world have been against financial institutions. These attacks, when successful, not only cause loss of funds, but also hurt the name of the institution, so that customers, both current and potential, take their business elsewhere. This can damage the company's bottom line in the long-term.
Criminals target the bank through hacking its system in orde
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Another way that criminals target the banks is to try and gain access to information on cash movements. These movements of cash in transit can be targeted for attacks.
The risks that are faced by organizations have placed an obligation on those who are at their head to plan for and counteract these risks. Evaluating the imminent risks in financial institutions includes identifying where threats may come from and who would be the instigators. It could also require that the company knows what its most valuable and vulnerable assets are, so that measures can be put in place to protect these. The risk levels should also be monitored at all times through various policies and procedures. Certain events can cause an increase in risk levels. For example, if war breaks out in a certain area, the company's assets would become more vulnerable than before. The owners of the banks and its management should thus always actively monitor these risk levels and take steps to manage them (Renfroe & Smith, 2014).
References
Bank of America. (2016, january 19). Company Overview. Retrieved from http://newsroom.bankofamerica.com/companyoverview
Kaspersky Lab. (2015, February). Carbanak Apt The Great Bank Robbery 3. Retrieved from http://25zbkz3k00wn2tp5092n6di7b5k.wpengine.netdna-cdn.com/files/2015/02/Carbanak_APT_eng.pdf
Korolov, M. (2015, June 23). The average number of attacks against financial services institutions is four times higher than other industries. Retrieved Febuary 18, 2016, from CXO Media, Inc.: http://www.csoonline.com/article/2938767/advanced-persistent-threats/report-banks-get-attacked-four-times-more-than-other-industries.html
Paul Hastings. (2015, April 28). Caught in the Crossfire: The Rising Threat of Cyberattacks on Financial Institutions and the Heightened Expectations of Financial Regulators. Retrieved February 18, 2016, from Paul Hastings: http://www.paulhastings.com/publications-items/details/?id=790ae469-2334-6428-811c-ff00004cbded
Renfroe, N. A., & Smith, J. L. (2014). Threat/Vulnerability Assessments and Risk Analysis. Applied Research Associates, Inc. READ MORE
How to Reference "Analyzing Risk and Threat Assessment" Term Paper in a Bibliography
“Analyzing Risk and Threat Assessment.” A1-TermPaper.com, 2016, https://www.a1-termpaper.com/topics/essay/looking-risk-threat-assessment/5064132. Accessed 3 Jul 2024.
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