Prahladrai Dalmia Lions College of Commerce & Economics

• CYBER SECURITY •

Written By: Bhowmick Joshi

Cyber security is the practice of protecting systems, networks, and programs from digital attacks. These Cyber attacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users; or interrupting normal business processes.

Implementing effective cyber security measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative.

Types of Cybersecurity Threats
There are many different types of cybersecurity threats, some of the most common types of threats are listed below,
1. Viruses
Viruses are a type of malware programs that are specially designed to cause damage to the victims' computer.
2. Password Attacks
It is a type of cybersecurity threat which involves a hacking attempt by hackers to crack the passwords of the user.
3. Spyware and Keyloggers
Spyware and keyloggers gather user information, passwords, browsing history, etc., and then transmits them to its creators (hackers) who may sell or distribute this personal information to third parties. Hackers may also use that information to steal money from the victim's bank accounts.
4. Trojans
Trojans are a type of malware programs that disguise themselves as harmless or useful software.
5. Ransomware
Ransomware is a group of malware which locks or encrypts the victim's computer and demands payment for decrypting the computer. The primary motive for all ransomware attacks is always monetary.
6. Browser Hijacker
Some malicious software such as the Browser Hijacker redirects the victims' browser to specific websites that are chosen by the hacker or to a site that pays the hacker based on the number of hits it receives.
SOME REAL LIFE THREATS WHICH HAVE ALREADY BEEN OCCURRED ARE AS FOLLOWS:

SIM Swap Fraud
In August 2018, two men from Navi Mumbai were arrested for cybercrime. They were involved in fraudulent activities concerning money transfers from the bank accounts of numerous individuals by getting their SIM card information through illegal means.

These fraudsters were getting the details of people and were later blocking their SIM Cards with the help of fake documents post which they were carrying out transactions through online banking.
They were accused of transferring 4 crore Indian Rupees effectively from various accounts. They even dared to hack the accounts of a couple of companies.
Cyber Attack on Cosmos Bank
A daring cyber attack was carried in
August 2018 on Cosmos bank’s Pune branch which saw nearly 94 Crores rupees being siphoned off.
Hackers wiped out money and transferred it to a Hong Kong situated bank by hacking the server of Cosmos Bank. A case was filed by Cosmos bank with Pune cyber cell for the cyber attack. Hackers hacked into the ATM server of the bank and stole details of many visa and rupee debit card owners.
The attack was not on a centralized banking solution of Cosmos bank. The balances and total accounts statistics remained unchanged and there was no effect on the bank account of holders. The switching system which acts as an interacting module between the payment gateways and the bank’s centralized banking solution was attacked.

The Malware attack on the switching system raised numerous wrong messages confirming various demands of payment of visa and rupee debit card internationally. The total transactions were 14,000 in numbers with over 450 cards across 28 countries.
On the national level, it has been done through 400 cards and the transactions involved were 2,800. This was the first malware attack in India against the switching system which broke the communication between the payment gateway and the bank.
ATM System Hacked in Kolkata
In July 2018 fraudsters hacked into Canara bank ATM servers and wiped off almost 20 lakh rupees from different bank accounts. The number of victims was over 50 and it was believed that they were holding the account details of more than 300 ATM users across India.
The hackers used skimming devices on ATMs to steal the information of debit cardholders and made a minimum transaction of INR 10,000 and the maximum of INR 40,000 per account.
On 5 August 2018, two men were arrested in New Delhi who was working with an international gang that uses skimming activities to extract the details of the bank account.

Phishing Attack on Wipro
There were reports about an attack on the Wipro system by major online news portals. Attack as per reported was a phishing attack and was done by a group through gift card fraud.
Even though the attack was not a massive one, many employees and client accounts were compromised.
Bib B Amitabh Bachchan ‘s Twitter Account Hacked!

Lately, Amitabh Bachchan’s twitter handle got hacked and the perpetrators posted hateful messages putting everybody in shock.
This can happen to big companies also. However, if the news gets out this can be a huge blow to the credibility of any company.

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