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White Papers - Cybersecurity Research
Money Laundering and Cybercime
As of 2002, just a decade after the Internet’s introduction into the economic mainstream, the Internet boasts over 600 Million users and 10,000 Service Providers worldwide. By providing better access to information it facilitates global trade and finance in ways never thought possible just a few years ago. At the same time its unique characteristics provide an extraordinarily fertile environment for the proliferation of crime and the development of criminal alliances. In essence the Internet enables the transportation, transmission and transfer of value in an anonymous, inexpensive, tax-free and unregulated medium that portends the fluid movement of value across borders and jurisdictions with the blessing of governments worldwide.
Capital Markets and E-Fraud
The technological dependency of securities exchanges upon internet based (IP) platforms has dramatically increased the industry's exposure to reputation, market and operational risks. In addition, the convergence of several innovations in the market are adding stress to these systems. These innovations affect everything from software to system design and architecture. It is imperative that senior management be properly informed of the negative externalities associated with e-brokerage and the possible critical points of failure that exist in today's digitized financial sector as they grow tomorrow's exchanges. The overwhelming issues regarding e-finance is to determine the true level of understanding that senior management has about online platforms, including the inherent risks and the depth of the need to use it wisely. This policy note will attempt to highlight the various risks that have been magnified by the increasing digitalization of processes within the brokerage arena and explain the need for concerted research and analysis of these as well as the profound consequences that may entail without proper planning.
E-safety and Soundness
An in-depth, six year study funded by the World Bank on issues related to cybersecurity. This book identifies and discusses four key pillars that are necessary to foster a secure electronic environment and the safety and soundness of financial systems worldwide. The book focuses on the sustainable development of e-finance and e-commerce. It raises awareness on the risks involved, as well as offers recommendations on how to mitigate these cyber-risks so that the shift to electronic financial services is conducted in a safe and sound manner.
Phishing in Digital Streams
Phishing is a form of social engineering that is increasingly threatening the financial sector. Fake or spoofed bank websites, illegitimate emails, malicious code and other such deceptive methods are used to lure sensitive information (such as bank account information) away from users. Criminals then use this stolen information to conduct financial theft. This report delves into what phishing is and what best practice exists to manage phishing attacks.
The Digital Insider
A in depth look at the "trojan horse." Excerpt: Trojan horses cloak malicious code by appearing as innocuous attachments in order to gain access inside a user's computer system. Once inside, they can rapidly reproduce and spread worldwide in a matter of minutes, performing damaging acts along the way. Relevant to the financial sector, these malicious acts include the sending of users' sensitive financial information to remote locations.
Bots
"Bot," Bots are often also commonly referred to as Zombies or Drones. Bot programs provide such capabilities as IRC (Internet Chat Relay) IRC began as a talk feature for Unix based operating systems. IRC is based on a client-server model. Clients are programs that connect to a server, a server is a program that transports data (messages) from one user client to another. IRC allows for multiple users on multiple servers to talk in real time.channel management, IRC channel spying, network and host scanning, and distributed denial of service attacks (DDoS).
Blended Threats
Blended threats (e.g. worms) exploit vulnerabilities in software code, allowing them to circumvent perimeter defenses like firewalls, intrusion detection systems, virus scanners and encryption. Though known blended threats are exploiting only a miniscule fraction of vulnerabilities, they are doing so with tremendous success.
Relevant Links
1. The United States Computer Emergency Response Team
Established in 2003 to protect the nation's Internet infrastructure, US-CERT coordinates defense against and responses to cyber attacks across the nation.
2. OECD Guidelines
Suggests the need for a greater awareness and understanding of security issues and constitute a foundation for work towards a culture of security through society.
3. Financial Sector
Developed to be used as an educational tool for all those involved
in E-finance and E-commerce. |
