Imagine a major bank with millions of customers, processing transactions every minute. Everything appears secure, but unseen, hackers have infiltrated the network, lying in wait. This scenario is increasingly common due to Advanced Persistent Threat (APT), prompting banks to adopt significant protective measures.
APTs differ from cyberattacks. Rather than quick, opportunistic strikes, APTs involve stealthy intrusions that can last months or even years cybercriminals infiltrate a system and remain hidden, gathering information for a significant assault. A notable instance is the 2013 Target breach, where hackers exploited a third-party vendor to access the network and steal data from over 40 million credit and debit card accounts. This method mirrors what APTs aim to achieve in the banking sector.
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Banks are prime targets for APTs due to sensitive information and the large financial transactions they handle. A successful APT can lead to stolen funds, compromised customer data, and a severe erosion of trust.
APT resembles covert operations. Hackers often gain initial access through phishing emails that deceive employees into clicking malicious links or opening infected attachments. Once inside, they explore the network, mapping data flows and identifying sensitive information. They may install hidden software to maintain access, enabling them to re-enter if their initial entry point is secured.
If a hacker were to transfer funds from multiple accounts, the fallout would be catastrophic. Trust is fragile and regaining it after a breach is a monumental challenge
Once enough information is gathered, attackers may steal money, expose confidential data, or disrupt operations. The 2016 Bangladesh Bank heist exemplifies this; hackers used APT techniques to attempt to steal nearly $1 billion from the bank’s Federal Reserve, ultimately stealing $81 million before detection- a stark warning for banks globally.
Banks must prioritize robust network security. A breach could lead to identity theft for customers, substantial financial losses, and significant reputational damage. If a hacker were to transfer funds from multiple accounts, the fallout would be catastrophic. Trust is fragile and regaining it after a breach is a monumental challenge.
To safeguard against APTs, banks employ comprehensive security measures:
Consider a large bank detecting unusual activity from an employee’s account. Continuous monitoring via OneX flags this suspicious behavior. Upon investigation, security teams to find traces of an APT that entered through a phishing email.
Thanks to network segmentation, the hacker is confined to one area of the system, unable to access sensitive customer data. The integrated firewall and segmentation feature thwart further attempts to infiltrate deeper. Moreover, employee training empowers staff to recognize phishing attempts, preventing additional breaches.
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Through a combination of multi-layered security, real-time monitoring, and effective segmentation the bank successfully neutralizes the APT before it inflicts damage. This illustrates how these protective measures work together to guard against the most sophisticated cyber threats.
To conclude, APTs pose a serious risk to banks today, characterized by their slow, strategic nature and prolonged invisibility. However, banks are proactive investing in solutions to bolster their defenses. With layered security, continuous monitoring, and proactive segmentation, they strive to protect their networks and customers. By prioritizing strong network security measures, banks are fostering a safer digital environment for everyone.
Guest contributor Jaydeep Sampat is the Chief Technology Officer of NXTDIGITAL, the digital media division of Hinduja Global Solutions Ltd. (HGS) and an Indian integrated digital delivery platforms group connecting 5 M customers in over 4,500 pin codes across India. Any opinions expressed in this article are strictly those of the author.
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