Essay Example on Global Customers' Bank Accounts Compromised by Phishing Emails

INTRODUCTION

Global Finance customers complained about phishing emails that originated from our mail server due to web application vulnerability on our website. Antivirus software identified the phishing emails and attacks seemed to be a variation of the Zeus malware. The email attachment was a file named June2017_statement.zip that contained a malicious executable named June2017_statement.exe. The attached malware extracted personal data and transferred the user’s bank account to accounts controlled by the hackers. This report outlines the accomplishments, remaining work and problem encountered.

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WORK COMPLETED

Email is sent to customers with a link to install an antivirus and advice to change to a stronger password and set up a two-verification option on their account. The security check was also carried out on all computer systems of each department and identified malware eliminated. A monthly security check schedule has also been developed for each department instead of the regular bi-annual event. Moreover, a proper data backup and a recovery plan were developed while strict control on privileged accounts was also applied.

The company hired a web designer and developer to develop a new website that didn't have loopholes for hackers to access. The developed website also includes a privacy and security site that educates users on the types of online fraud and protection techniques that involve user involvement (Paul, 2011). Besides, the department ensured that all company devices and software were up to date. Each department was provided with warning posters and brochures on how to prevent cyber-attacks before accessing the websites.

WORK SCHEDULED

An all-staff meeting has been scheduled on 17/05/2020 to educate the employees on cybersecurity and how to avoid being a victim of cybercrime. An advanced endpoint protection system is currently being developed to identify malware and execute them in an isolated environment. It will offer a containment technology that moves unknown files to a virtual isolated container, analyzes it, and identifies its intention. The host intrusion prevention system offered will also block malicious activities by monitoring code behavior.

PROBLEMS/PROJECTIONS

The IT department identified that, although anti-virus products regularly update to detect the malware variants, the authors change the malware so often that it makes it easier to re-infect customers’ computer systems. A team has been developed to come up with measures on how to avoid the problem. The scheduled works are proceeding as expected, and the company will be handling cybercrime by 30/06/2020.

References

Paul, A. (2011). Risk Management and User Prevention for Malware Threats. iSChannel, 6. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.367.8348&rep=rep1&type=pdf#page=15

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