Students Will Be Required To Create One New Thread

Students Will Be Required To Create 1 New Thread And Provide Substant

Students will be required to create 1 new thread, and provide substantive comments on at least 3 threads created by other students. Make sure to explain and backup your responses with facts and examples. This assignment should be in APA format and have to include at least two references. Since we know that this particular instance of the AppMaker implements a customer-facing store that processes financial transactions, how does that influence which threat agents may be interested in attacking it?

Paper For Above instruction

Introduction

The security landscape of digital applications, especially those that process financial transactions, is complex and multifaceted. The specific nature of an application significantly influences the types of threat agents that might target it. In this context, an application such as AppMaker, which serves as a customer-facing store handling sensitive financial data, presents unique vulnerabilities and attracts specific malicious actors. Understanding the characteristics of these threat agents is crucial for implementing effective security measures and safeguarding financial assets and customer information.

Threat Agents and Their Interests

Threat agents can be broadly categorized into cybercriminals, insider threats, hacktivists, competitors, and nation-states, each driven by different motives and exhibiting varying levels of sophistication (Oliveira & Nascimento, 2020). For an application handling financial transactions, the most interested threat agents are typically cybercriminals seeking monetary gain, followed by insider threats and, in some cases, nation-states engaged in economic espionage or cyber warfare. The financial nature of the app significantly raises its profile among threat agents who are motivated to exploit vulnerabilities for financial benefits.

Cybercriminals and Financial Gain

Cybercriminals are among the most prominent threat agents targeting financial applications. Their interest is driven by the potential for direct monetary gain through various malicious activities such as credit card fraud, account hacking, phishing, and deploying malware like ransomware (Kshetri, 2017). These actors often employ sophisticated techniques, including SQL injection, man-in-the-middle attacks, and social engineering, to exploit vulnerabilities. Such attacks can lead to theft of personal and financial information, resulting in significant financial losses for both customers and the business, and damage to the company’s reputation.

Insider Threats

Insider threats pose a unique challenge, especially in financial applications where access to sensitive data is necessary for operational purposes. Employees or contractors with authorized access might intentionally or unintentionally compromise security. Motivations may include financial gain, revenge, or coercion by external threat agents (Greitzer & Frincke, 2010). Because insiders already have legitimate access, they can bypass some security controls, making them attractive threat agents for targeted attacks aimed at exfiltrating financial data or sabotaging systems.

Nation-States and Economic Espionage

Although less common, nation-states may target financial applications for economic espionage, cyber warfare, or to destabilize a nation’s economy. Advanced persistent threats (APTs) operated by government-sponsored groups have the resources and expertise to conduct long-term, covert cyber-operations (Mandiant, 2020). These actors often focus on exfiltrating financial data, intellectual property, or disrupting financial infrastructure, especially if they perceive strategic or political advantages.

The Influence of Financial Data Handling on Threat Agent Interest

The fact that AppMaker handles financial transactions directly influences the profile of threat agents interested in attacking it. Financial information is highly valuable on the black market and often targeted for immediate monetization, which increases interest from cybercriminal organizations. Moreover, the financial sector has historically been a prime target for cyber-attacks because of the direct impact on economic assets. Consequently, threat agents view financial applications as lucrative targets, prompting them to deploy advanced and persistent attack methods (National Institute of Standards and Technology [NIST], 2018).

Mitigation Strategies

Understanding the motivations and attack methods of these threat agents informs the development of robust mitigation strategies. Implementing multi-factor authentication, encryption, intrusion detection systems, and continuous security monitoring are critical. Additionally, conducting regular security audits, employee training, and establishing incident response plans are essential components of a comprehensive security posture (Alasmary et al., 2021).

Conclusion

In conclusion, the nature of an application like AppMaker, which processes financial transactions, significantly influences the profile of threat agents interested in attacking it. Cybercriminals motivated by monetary gain are primary actors, followed by insider threats and occasionally nation-states engaged in cyber espionage. Recognizing these threats allows organizations to tailor their security measures effectively, ensuring the integrity, confidentiality, and availability of financial data and maintaining customer trust in an increasingly digital economy.

References

1. Alasmary, W., Alhaidari, F., & Alamri, A. (2021). Security Challenges in Financial Applications: An Overview and Solutions. Journal of Cybersecurity and Digital Forensics, 9(2), 115-130.
2. Greitzer, F., & Frincke, D. (2010). Combining Traditional Cyber Security Audit Data with Psychosocial Data: Towards Predictive Modeling for Insider Threat mitigation. Insider Threats in Cyber Security.
3. Kshetri, N. (2017). 1 The Economics of Cybercrime. Journal of Cybersecurity, 3(1), 49-62.
4. Mandiant. (2020). M-Trends 2020: The State of Threat Actor Nation-States. Mandiant Threat Intelligence Report.
5. National Institute of Standards and Technology (NIST). (2018). Framework for Improving Critical Infrastructure Cybersecurity. NIST Cybersecurity Framework.
6. Oliveira, G., & Nascimento, M. (2020). Threat Actor Profiles and Attack Motivations in Cybersecurity. International Journal of Cyber-Security and Digital Forensics, 9(4), 1-12.