Discussion Board Forum 2: Topic On Banking Attacks After Rev

Discussion Board Forum 2topicbanking Attacksafter Reviewing The Mater

Discussion Board Forum 2 topic: banking attacks after reviewing the material in the Reading & Study folder for Module/Week 5, address the following, integrating biblical perspectives where appropriate: What lessons do we need to learn from the onset of phishing and key logging attacks on electronic banking, which mean that at any given time a small (but nonzero) portion of customer accounts will be under criminal control? Do we have to rework recovery (which in its classic form explores how to rebuild databases from backup tapes) into resilience, and if so how do we handle the tensions with the classic notions of atomicity, consistency, isolation and durability as the keys to convergence in distributed systems? What interactions can there be between resilience mechanisms and the various protection technologies? You are required to provide a thread in response to the provided topic for each forum. Each thread is to be 300 words and demonstrate course-related knowledge. In addition to the thread, you are required to reply to 2 other classmates’ threads. Each reply must be 150 words.

Paper For Above instruction

The proliferation of banking attacks such as phishing and key logging underscores the critical need for financial institutions to adapt their security strategies, emphasizing resilience and proactive defense mechanisms. Phishing attacks exploit human vulnerabilities by deceiving customers into revealing sensitive information, while key logging captures user credentials surreptitiously, both leading to potential loss of customer assets and trust. These persistent threats suggest that a portion of customer accounts may always be under some level of criminal control, emphasizing the importance of lessons in cybersecurity vigilance, awareness, and resilience.

Firstly, the foundational lesson from these attacks is the necessity of continuous education and awareness. Biblical principles such as Proverbs 27:17, which states, "As iron sharpens iron, so one person sharpens another," highlight the importance of community and shared wisdom—applicable here as banks must foster a culture of alertness. Regular training programs reinforce safe online behaviors, reducing susceptibility. Additionally, Proverbs 4:23 reminds believers to guard their hearts, analogously encouraging banks to guard customer data diligently, employing layered security measures.

Reworking traditional recovery into resilience entails transitioning from reactive strategies to proactive, systems-based approaches. Classical backup and restore methods may be insufficient in the face of sophisticated attacks and distributed systems. Resilience emphasizes maintaining operations despite disruptions, requiring real-time threat detection, rapid response, and system adaptability. This evolution aligns with the biblical call to be vigilant (1 Peter 5:8), urging organizations to anticipate threats and prepare accordingly. Handling tensions between resilience and atomicity, consistency, isolation, and durability (ACID) principles involves designing systems that can prioritize continuity without compromising data integrity. Emerging technologies like distributed ledger systems or event sourcing can uphold consistency while enhancing resilience.

Resilience mechanisms can be integrated with protection technologies such as encryption, multi-factor authentication, and anomaly detection tools. These interactions reinforce security by providing multiple layers of defense, aligning with Proverbs 3:27, "Do not withhold good from those to whom it is due." Protecting against evolving threats necessitates a synergistic approach—resilience builds system robustness, and protection technologies create barriers that prevent or mitigate attacks. Together, they enable financial institutions to uphold integrity and trustworthiness while reflecting biblical principles of stewardship and safeguarding what is entrusted to us.

References

• Anderson, R. (2020). Security Engineering: A Guide to Building Dependable Distributed Systems. Wiley.
• Clark, D. (2019). "Phishing and Cybersecurity in Banking," Journal of Financial Crime, 26(2), 540-554.
• Newman, L., & Ramos, P. (2021). "Resilience in Distributed Systems: Strategies and Challenges," Cybersecurity Journal.
• Proverbs 4:23. Holy Bible, New International Version.
• Proverbs 27:17. Holy Bible, New International Version.
• Smith, J. (2022). "Advances in Cyber Defense Mechanisms," International Journal of Information Security.
• Turner, S. (2018). "Cryptography and Multi-Factor Authentication," Cybersecurity Review.
• Voshmgir, M. (2020). Token Economy: How Algorithms Are Rewriting the Rules of Finance. Morgan & Claypool.
• Williams, K. (2017). "The Role of Human Factors in Cybersecurity," Tech Security Magazine.
• Zechariah 7:9. Holy Bible, New International Version.