As cybercriminals find more sophisticated techniques for accessing enterprise networks, the frequency of attacks on enterprise networks can be expected to increase dramatically. One industry especially at risk is the financial services sector, as organizations contain so much valuable personal information on their networks. For example, It was reported this week that JPMorgan Chase and at least four other U.S. financial institutions were targeted in a sophisticated cyberattack.
According to SC Magazine, gigabytes of financial information were stolen during the breach, including data stored on employees' computers and customer bank account information. The scale of the breach is such that major financial fraud could be committed.
The cybercriminals appear to have exploited a zero-day flaw present in at least one of the banks' systems, allowing the hackers to gain entry and then navigate through a series of complex security defenses in order to gain access to the sensitive client and employee information, Bloomberg reported. The attackers are believed to be state-sponsored Russian hackers due to the techniques used. Lucas Zaichkowsky, an enterprise defense architect with AccessData, told SC Magazine that Eastern European hackers are well known for using security flaws in Web applications to gain initial access into corporate environments.
How long the attacks were active or if the cybercriminals used any other methods is not yet known, but it appears the motivation behind the breach was a mixture of financial fraud and large-scale espionage.
"Any intelligence information gleaned from the gigabytes of data that was stolen, such as possible [mergers and acquisitions] activity and other sensitive data, only serves an ancillary benefit that is eventually passed to other actors within the state apparatus whose primary focus is corporate espionage," said Armond Caglar, senior threat specialist with TSC Advantage, in an interview with SC Magazine.
Store financial information securely with FoIP
Because financial institutions deal with so much sensitive personal/financial information, they are constantly exposed to a large number of cybersecurity threats. One way for organizations in the financial industry to combat data loss is by storing privileged client information in an offsite facility and keeping it away from other business applications and systems.
Fax over IP is a reliable option for enterprises to store and protect customers' sensitive financial information, as transmitted messages are automatically stored on a secure cloud server. FoIP service provider FaxCore employs an encryption strategy created by the National Security Agency when sending data, so faxed information is secure while in transit and at rest. A document's contents are stored on an organization's dedicated server, creating a database of records that can only be accessed by authorized parties. Faxes sent with a FoIP service can be received as an email on any connected device, making it not only a secure way to send customer messages but a convenient one also.
Enhance enterprise communication, collaboration and compliance efforts with a proven FoIP solution from FaxCore. Contact FaxCore today to learn more about their 'Partly-Cloudy' fax solutions.
