Factors to Consider When Choosing Accounts Payable Services Providers.pptx
Report on Human factor in the financial industry
1. StudentID:101015275
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To: Jeffrey Lubetsky
From: Chandrak Trivedi, 101015275, Part 1
Date: 2nd December 2015
RE: COMP4044 Briefing on Human Factors – the weakest link.
As requested, I have completed my report on Human Factors in the Financial Industry.
INTRODUCTION
People’s Bank (Financial Industry)
The information security topic focuses on ‘Human Factors – the weakest link’ which
includes human errors and insiders (internal employees).
Information security risks have adverse consequences on our operations and assets. Security
is often talked about in terms of new technologies - the latest IDS system, the newest anti-
virus download, etc. Security systems do not depend solely on preventing technical problems,
but rather, they also depend on humans who use the systems and behave in “a certain way” in
the system environment. The real challenges are from non-technical forces, i.e., human
issues. Therefore it is necessary to understand and address the issues relating to human
factors. Insiders have the most knowledge about structure, processes, vulnerabilities and the
value of its information. Human Factor are affecting with successful security attack for
external attackers to access sensitive data or assets.
According to information security breaches survey 2015 (UK), “People are the main
vulnerabilities to a secure enterprise. Respondents believe that inadvertent human error
(48%), lack of staff awareness (33%) and weaknesses in vetting individuals (17%), were all
contributing factors in causing the single worst breach that organisations suffered.”
2. StudentID:101015275
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IMPACT
The greatest impacts of successful security breach attacks involving human factor to our bank
will be business operations, reputational damage, revenue loss and exposure of cooperate
sensitive data and personal customer data and the introduction of malware in the network.
This successful security attacks exploit human interest factor, involves social engineering and
spear-phishing scams with emails containing malicious attachments that can cause malware
to be downloaded onto the user’s computing device. This gives attackers a foothold inside
from which they can move laterally in search of valuable information, such as confidential
data.
Impact on technology by human factors will be introduction to malware or viruses in the
network or DDoS attack blocking the website which will directly impact the business
operations and can also add vulnerabilities in our network that will be unknown to bank’s
security professionals and other external attacker to gain access to confidential data by using
that vulnerabilities such as backdoor which will impact reputation of the bank.
Impact on privacy by human factors will be access to personal customer information along
with credit cards details, cooperate confidential data which can be used by attacker.
Impact on people (users) by human factors will be change in transactions or entries with
their accounts and also users can start receiving phishing emails from the attacker.
RECOMMENDATION
Procedural recommendation: Policies and processes must be acknowledged and enforced.
Technology recommendation: The step in mitigating the risk of privileged (Apply the
principle of least privilege) account exploitation is to identify all privileged accounts,
credentials and immediately terminate those that are no longer in use or are connected to
employees that are no longer at the company.
Closely monitor, control and manage privileged credentials to prevent exploitation. Finally,
implementing necessary protocols and infrastructure to track, log and record privileged
account activity and create alerts, to allow for a quick response to malicious activity and
mitigate potential damage early in the attack cycle.
People recommendation: Improve awareness campaign, employees must be aware of the
principal risks related to the use of most common platforms and devote more resources to the
employee – to training, education, testing and to the culture of your organization.