Cybersecurity in the Financial Services Industry

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Table of Contents

Introduction
Ransomware
Solutions
Resources Required to Implement the Blockchain
Conclusion
References

Introduction

Cybersecurity safeguards a business against the unlawful or illegal use of electronic information. It is also the technique of protecting essential systems and confidential material from data breaches. In addition, (Minaj 2021) states that cyber security is crucial because it encapsulates all aspects of safeguarding our confidential material, private details, proprietary information, data, and government and commercial data management from embezzlement and damage attempts by felons and adversaries. This paper discusses ransomware as a cybersecurity challenge for the financial services industry and possible solutions.

Ransomware

Ransomware is malicious code that hinders user privileges, clutching files or complete devices hostage through cryptography until the complainant pays a ransom. The complainant delivers a ransom return for decryption, allowing the user to access the encrypted information (Oz et al., 2022). Most ransomware attacks utilize social engineering techniques, such as emails, to enhance victim involvement. Emails are frequently the initial vertex of threat and a major vulnerability, as many subscribers lack the skills to recognize media manipulation. As a result of ransomware’s varying incidence with age, it has given rise to various variants of this attack.

Therefore Al-rimy (2018) suggested that the first ransomware attack occurred in 1989 when the Trojan AIDS was launched. Eventually, the advent of ransomware gave rise to a new sort of attack known as Denial-of-Resources.

Ransomware can also be used in computers, as O’Kane et al. (2018) insinuate that RSA encryption is commonly used to encrypt data on the user’s computer and connected devices. The second instance of ransomware from Joseph Popp in 1989 employed an encryption algorithm to seize users’ hard disks and extort payment. This was later studied to establish the decryption key and build mitigation to the encryption used by this threat (O’Kane et al., 2018). Encryption is more hazardous since once attackers gain access to a user’s data, neither security software nor a system restoration can retrieve them. In reaction to ransomware attacks, a business such as a bank may have to spend a substantial amount of money, which may cause customers to lose faith in the safety of their funds.

Other ransomware forms besides encryption include Scareware, screen locks, and mobile ransomware. First, there is Scareware, which consists of rogue antivirus software and technical support scams in which customers receive pop-up messages stating that a virus has been found and that the only way to eliminate it is to pay (Humayun et al., 2021). Therefore, Scareware employs fear to force users into paying. In most instances, if people do nothing, they will continue to receive pop-ups, but personal files will not be compromised.

Screen lockers, ransomware meant to lock a person out of their computer, come in second place. This text comes as a government official seal or the symbol of the police force or entity responsible for punishing cyber wrongdoing when the victim opens their computer. Often, it states that unlicensed software or illicit web content was discovered on the user’s computer and provides directions for paying an electronic fee (Richardson & North, 2017). Despite the appearance of the messages, it is well known that the government can never shut a user out of their device or demand money for criminal actions. If an individual is accused of copyright or other cybercrimes, the authorities will only take immediate action through the proper legal procedures and not pay a certain amount.

The third type of ransomware targets mobile devices explicitly, with attackers using mobile malware to steal information from a phone or block it from its victims. It is connected to encryption since the victim must pay a ransom to recover their data or open the device. Rajasekharaiah (2020) states that a recent RSA study discovered that in 2018, 80% of unauthorized mobile transactions surged dramatically with mobile app phishing or via email on the device. Accordingly, with mobile gadgets impacting each element of our existence and professional life, their danger perceptions likewise grow.

Solutions

It is possible to employ blockchain to address the ransomware outbreak and alter people’s perceptions about information storage and manipulation since it records transaction data in block-based architecture. Each block is produced by calculating the cryptographic password of the previous and merging it with the subsequent block of transaction code, which is also valuable for banks (Thamer & Alubady, 2021).

Suppose any unauthorized person attempts to alter the information in a partnership. In that case, the software and all other network participants will immediately detect the alteration, as it will consider all subsequent blocks invalid. The attacker cannot keep all the necessary files because the system is scattered across multiple users; even if they encrypt a node, administrators will close the metaphorical backdoor that the intruder entered and return the node to its former version (Information Resources Management Association, 2021).

Even for the most skilled cybercriminals, hacking a single blockchain server is very difficult since it requires access to each node in the network simultaneously. The same decentralized technology that acts as a firewall for the blockchain also creates trustworthy infrastructures for other kinds of assets (Information Resources Management Association, 2021).

Since blockchain technology improves payment security, it is gaining favor among financial professionals. By cutting out the middleman, blockchain technology has made money transfers more reliable and inexpensive. The time and cost associated with completing a money transfer may be reduced or eliminated using blockchain technology. Since no third parties are required to verify transactions with blockchain technology, the resulting payment solutions are far more expedient (Information Resources Management Association, 2021). The solution also provides greater reliability for institutions like banks and multinational corporations since there is no single source of failure.

Resources Required to Implement the Blockchain

The server and database are prerequisites for implementing blockchain. Initially, individuals must guarantee that all network servers operate efficiently. Servers play a crucial role in blockchain application maintenance (Information Resources Management Association, 2021). Secondly, documents are saved in databases, essential storage that must be appropriately maintained. The nodes are the third resource required to utilize the blockchain. This protocol works on a mentoring network whose design consists of nodes tasked with routinely maintaining these devices. Miners are an integral feature of a Solid evidence blockchain network. As they are frequently unaffiliated with the business, creating incentives that incentivize miners to maintain confirming transactions is essential.

Conclusion

In conclusion, numerous firms and the financial services industry face several issues, including cybersecurity assaults. Among these issues is ransomware, which restricts user privileges by holding files or entire devices hostage with cryptography until the victim pays a ransom. Staff and subscribers are educated on using blockchain to prevent ransomware, and ongoing security education programs must be implemented to combat cyber risks. Therefore, it is recommended that organizations and businesses have an excellent database to prevent any unauthorized access, thereby guaranteeing the money of their subscribers.

References

Al-rimy, B. A. S., Maarof, M. A., & Shaid, S. Z. M. (2018). Ransomware threat success factors, taxonomy, and countermeasures: A survey and research directions. Computers & Security, 74, 144-166. Web.

Humayun, M., Jhanjhi, N. Z., Alsayat, A., & Ponnusamy, V. (2021). Internet of things and ransomware: Evolution, mitigation and prevention. Egyptian Informatics Journal, 22(1), 105-117. Web.

Information Resources Management Association. (2021). Research anthology on blockchain technology in business healthcare education and government. IGI Global Engineering Science Reference (an imprint of IGI Global).

Manoj, K. S. (2021). Banks’ holistic approach to cybersecurity: Tools to mitigate cyber risk. Technology, 12(1), 902-910. Web.

O’Kane, P., Sezer, S., & Carlin, D. (2018). Evolution of ransomware. Let Networks, 7(5), 321-327. Web.

Oz, H., Aris, A., Levi, A., & Uluagac, A. S. (2022). A survey on ransomware: Evolution, taxonomy, and defense solutions. ACM Computing Surveys (CSUR), 54(11s), 1-37. Web.

Rajasekharaiah, K. M., Dule, C. S., & Sudarshan, E. (2020). Cyber security challenges and its emerging trends on the latest technologies. In IOP Conference Series: Materials Science and Engineering (Vol. 981, No. 2, p. 022062). IOP Publishing. Web.

Richardson, R., & North, M. M. (2017). Ransomware: Evolution, mitigation and prevention. International Management Review, 13(1), 10. Web.

Thamer, N., & Alubady, R. (2021). A Survey of Ransomware Attacks for Healthcare Systems: Risks, Challenges, Solutions and Opportunity of Research. In 2021 1st Babylon International Conference on Information Technology and Science (BISCUITS) (pp. 210-216). IEEE. Web.

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