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Attacks on Financial Institutions

Every financial institution is battling cyber-crooks. Major attacks using key loggers have been reported in the press on banks in North America, UK, Europe, Brazil, Africa, Australia and Asia. With confidence in web-based services such as internet banking low and fraud levels rising, organizations are being forced to deploy additional security measures.

Financial Services

Banks and other financial institutions are the prime targets of cyber-criminals today. Financial Institutions consistently appear in the top 10 targets of phishers and key logging spyware/Trojans. And importantly, the number of attacks is also perceived to be high - 86% of US adult Internet users believe that spyware on their computers has caused them to suffer a monetary loss (2005 eMarketer Report).

Key logging, Phishing, MITM and other internet attacks allow cyber-criminals to steal money, undertake illicit trading, view personal and financial information, steal identities and otherwise wreak havoc on both the institution, and its customers.

The time taken to solve such events is extremely costly to the organization both in terms of money and reputation. With web-based services being the most profitable channel for banks, there is a significant push to increase the use of web-based services.

Downside of Too Many Security Measures

Many banks are responding to security concerns by adding overly complex security checks and processes. This in turn undermines user confidence in web-based user portals - exactly the opposite effect to that intended. Security systems need to be strong yet simple to operate by users. This allows banks to minimize fraud and customer calls - while maintaining user confidence in the service provided. SentryBay's solution mix is extremely secure, yet most of the security measures operate in the background - minimizing user education, and maximizing user confidence. This in turn attracts and retains customers.

SentryBay have developed a suite of pro-active and application-specific solutions that directly protect sensitive information, and complement existing security measures in place.

Outlined below are the different financial services and applications that would benefit from SentryBay security.

SentryBay Threat/Solution Matrix

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* Internet Threats referred to here include: key logging (installed by any method), phishing/spearphishing, pharming/MITB(Man-in-the-Browser), MITM(Man-in-the-Middle), Replay Attacks.

For more information on all products listed here, please refer to the Products section