13 December 2017
visit www.solutions.lexisnexis.com

Banks told to step up security over DDoS attacks

26 October 2012  |  8727 views  |  1 Security

With more than a dozen major bank Web sites targeted in DDoS attacks over the last month, financial institutions need to take steps to ensure they don't become the latest victims, warns the US Financial Services Roundtable's technology unit, Bits.

Bank of America, HSBC and Wells Fargo have been among the organisations to see their online services disrupted in recent weeks, with sites overwhelmed by floods of traffic.

A group calling itself the Cyber Fighters of Izz ad-din Al Qassam has claimed credit for the attacks, which it says are in retaliation for the release of a film mocking the prophet Mohammed.

The group has been posting weekly statements on Pastebin outlining targets for the days ahead, although in its latest missive it has promised to take a break for Eid al-Adha.

Bits is urging banks to review their strategies for patching IT systems, scan networks and manage bandwidth to minimise the number of non-attack related issues.

They should also coordinate with ISPs and other service providers to implement controls such as scrubbing, rate limiting and source blocking. External-facing assets and applications should be assessed and communications strategies reviewed to include incident notification for both internal and external parties

Banks should also participate in the FS-ISAC and share actionable information to protect other institutions as well as inform their primary regulator of any attacks.

In its latest Pastebin statement, the Cyber Fighters of Izz ad-din Al Qassam has also stressed that its attacks are designed purely to disrupt services and that no money or data is stolen.

This comes after another organisation, claiming affiliation to Anonymous, said that it was responsible for the HSBC attack and that it had stolen the details of 20,000 customer debit cards:

The group has not provided definitive evidence that it has the card data but is promising to target more banks in the near future.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 30 October, 2012, 14:30

"The group has not provided definitive evidence that it has the card data...". Given that customers have entrusted banks to protect the data, the onus should be on them (i.e. banks) to prove that they haven't lost the card data.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

HSBC becomes latest bank DDoS victim

HSBC becomes latest bank DDoS victim

19 October 2012  |  11142 views  |  0 comments | 2 tweets
Iran blamed for BofA and Chase site attacks

Iran blamed for BofA and Chase site attacks

24 September 2012  |  7689 views  |  0 comments
US banks on red alert as Chase and BofA sites suffer downtime

US banks on red alert as Chase and BofA sites suffer downtime

20 September 2012  |  10118 views  |  0 comments
RBS and NatWest Web services knocked out; Oslo Bors hit by DDoS attack

RBS and NatWest Web services knocked out; Oslo Bors hit by DDoS attack

21 June 2012  |  14000 views  |  3 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.aciworldwide.comvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12170 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9362 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
7989 views comments | 17 tweets | 36 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7354 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7223 views comments | 20 tweets | 11 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job