Cyber Attacks Against Banks Continue

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Have you heard of “ItsOKNoProblemBro”? No? Well if you work in the financial sector, chances are high you have. This Distributed Denial of Service (DDoS) attack has hit numerous banks such as Citigroup, Capital One, and HSBC. The strikes exploit banks’ Web site encryption, which encode customers’ online transactions to keep them secure, but they also increase traffic volume in order to bring bank’s Web sites down and severely impact online banking transactions.

The DDoS attacks don’t compromise anyone’s account or steal any money; but they are extraordinarily difficult to trace; and they are far more sophisticated that what one would expect from a garden variety hacker. Hackers known as Izz ad-Din al-Qassam Cyber Fighters have claimed responsibility, but who’s really behind those attacks remains unclear. Governments are taking counter-measures, but financial institutions need to make sure to be prepared for the next attack.

Read more on Forbes.

The original blog also appeared on SAP Business Trends.