Cybersecurity is a necessity imposed by evolution – bankers

Mr. Atef Hassan – Banking Researcher

The tremendous development in information technology and digital technologies has naturally led to an increase in the use of these technologies for various business sectors, which have played an essential role in the growth of economic and social sectors, but this technology carries many risks. You can imagine life coming to a complete halt in a country like Estonia after it was subjected to a series of cyber attacks in 2007 that targeted the websites of Estonian organizations including the parliament, banks, ministries and newspapers due to a dispute with Russia on the transfer. of a monument to a Soviet-era soldier. Similarly, during the 2018 FIFA World Cup, Russia experienced 25 million cyber attacks on its IT infrastructure and in June 2019, Russia admitted that its electrical grid was under cyber attack.

In 2015, more than 100 banks around the world were targeted in 30 countries, including Russia, Japan, Switzerland and the United States, resulting in losses estimated at more than 300 million dollars, by gaining access to banking systems using fake e -sending mails that contain malicious software that has access to bank accounts and their control.

In the year 2020, an American bank was subjected to a ransomware attack, as attackers published personal information of customers on the Internet in an attempt to blackmail the bank and embezzle money from it.

There are many examples of cyber attacks for many countries and financial and economic institutions, which has led to a reconsideration of the importance of cyber security for cyber attacks.

cyber attack

These are malicious and deliberate attempts by individuals or organizations to penetrate the information system of other individuals or institutions, and their purpose is Desire to collect, seize and trade information, demonstrate superiority over the development of technology, harm people or entities, achieve profits and material gains, or threaten national and military security..

Cyber ​​Security (cyber security) )

It is a set of technical and administrative measures and mechanisms that are taken to prevent any unauthorized interference or penetration of the use or misuse of information and electronic data on communication and information systems. These cyber attacks typically aim to access, alter or destroy sensitive information

Thus, the importance of cyber security is that it secures sensitive and important information for countries and individuals, which is at risk, penetration and seizure, as it maintains national security and maintains the privacy and confidentiality of personal data for individuals.

cyberspace)Cyberspace)

It is an electronic means used to facilitate communication through the Internet and it consists of a group of networks located around the world, and these networks use their own protocol (TCP / IP) as a means of exchange data. The most important feature of this space is that it is an interactive environment for a large group of participants. Cyberspace is in many areas of life for different societies. It is used for a variety of purposes such as commerce, economy, marketing, information, games, entertainment and social platforms. The average use of the Internet per person has reached 8-10 hours per day.

dimensions of cyber security

  • political dimensions

Cyber ​​security is based on the protection of the state against the use of any technologies to transmit information and data that could destabilize the security of countries and governments, as this information reaches the largest segments of citizens very quickly, regardless of the validity of the data and information that is published.

  • Economic dimensions

Cyber ​​security is closely related to preserving the economic interests of all countries. The interdependence between the economy and knowledge is close. Most countries rely on the production and circulation of knowledge and information at all levels to strengthen and prosper their economy, which justifies the dangerous role of cyber security in protecting the economy against theft and intellectual property.

  • Military dimensions

The importance of cyber security in this dimension arises from the seriousness of cyber attacks and penetrations that lead to the emergence of wars and armed conflicts, and penetrations of the systems of nuclear facilities, and the threats that may arise from them to the security of countries and governments and lead to disasters.

  • Legal dimensions

The various activities carried out by individuals and institutions are related to laws, and from the emergence of the information society new laws have emerged which are the legislative regulatory environment that protects this society and preserves rights in it with organize all its dimensions. and legislation.

  • social dimensions

The open nature of the Internet through social networks allows every citizen to express his ideas, access to various information and openness across all different cultures, and here lies the importance of cyber security in protecting and maintaining the core values ​​in the society, such as belonging, customs and traditions.

Types of cybercrime

  • Crimes of breach of data and information systems
  • Crimes against money, bank cards and electronic money
  • Crimes affecting personal information and information encryption
  • Information crimes against the state and public safety
  • Crimes of racism and crimes against humanity through media
  • Crimes of gambling and the promotion of drugs by means of information over the Internet
  • Infringements of intellectual property for digital business

Cyber ​​attacks

Cyber ​​attacks vary, with continuous efforts to evolve the methods of these attacks to comply with any security updates performed by cyber security experts, among others.

  • Phishing attacks

PHIShing attacks are a type of social engineering attack often used to steal user data, including login credentials and credit card numbers.

Drive-by attack refers to a cyber attack in which a malicious script causes a program to download and install itself on the victim’s machine, without their express permission.

Ransomware (RANSOMWARE) is one of the most dangerous cyber attacks of this era, which has succeeded in exposing sensitive information of individuals and organizations to the test.

In this type of attack, the victim is forced to delete all necessary information from his system if he fails to pay the ransom within the timeline provided by the cybercriminals, as they often blackmail the user by publishing their important files as the ransom is not paid. .

  • Password attack

In this type of cyber attack, the attackers try to hack different accounts of the victims by hacking their personal files and passwords which gives them illegal access to all the information of the victim which must be used by the attackers to achieve their goals of data theft, phishing or introducing malware onto the networks.

  • Malware attacks

Malware attacks (MALWARE ATTACKS) are any type of malware designed to cause harm or damage to a computer, server, client or network without the end user’s knowledge.

This is a type of malware that is usually disguised as an attachment in an email message or a free download file, and then transferred to the user’s device. Once downloaded, the malicious code will perform the task the attacker designed it for, such as accessing the backdoor of company systems, spying on users’ online activity, or stealing sensitive data.

  • Threats from within

Many types of cyber attacks happen daily, and the most shocking fact is that there is usually an insider involved in the process of helping cybercriminals get information about their organization, and this is done by providing those criminals with all the necessary information . to get in, which leads It has catastrophic consequences for the organization and insider threats are one of the common threats of cyber attacks on banks and financial institutions.

Cyber ​​attacks and methods vary, and organizations today in various sectors must move immediately to protect their systems and networks and improve critical cybersecurity operations in collaboration with experts in this field. Its employees use cyber attack methods, especially those in which attackers use social engineering and train individuals to deal with cyber risks, with the need to introduce legislation that covers all legal loopholes in the field of a safe cyberspace

In this context, it has become necessary for organizations and bodies to work to spread the culture of cyber security and demand the cooperation of all members of society in order to achieve this in order to reduce the risks of cyber attacks and crimes that undoubtedly affect society as expand a whole and threaten its security and stability by destroying values ​​and the loss of cultural identity.

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