Cyber Security and Cyber Crime in Banking sector, A case study of COSMOS Bank.(Pune)

2. Hello!
We are,
Deepak Kumar
Jayati Chaube
Patal Sharma
Samradhi Basar
Yash Paunikar 2

3. Cyber Security
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4. “
￮ Cybersecurity is the protection of
internet-connected systems, including
hardware, software and data, from
cyber attacks
￮ In a computing context, security
comprises cybersecurity and physical
security -- both are used by enterprises
to protect against unauthorized access
to data centres and other computerized
systems. Information security, which is
designed to maintain the confidentiality,
integrity and availability of data, is a
subset of cybersecurity 4
What is Cyber Security

5. “ ￮ Information security
￮ Disaster recovery
￮ Network security
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Types of Cyber Securities

6. ￮ Everyone seems to be going cashless, using digital
money, i.e. Debit Cards and credit cards. In this
context, it becomes very important to ensure that all
measures of cyber security are in place, to protect
your data and your privacy
￮ Data breaches can make it difficult to trust financial
institutions. For banks, that's a serious problem. A
weak cyber security system can amount to data
breaches that could easily cause their customer base
to take its money elsewhere
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Importance of Cyber Security in Banks

7. ￮ You often tend to lose time and money when a bank's
data is breached. Recovering from the same can be
time-consuming and stressful. It would involve
cancelling cards, checking statements, and keeping
your eyes open for complications
￮ Your private data in the wrong hands can do great
harm. Even if the cards are cancelled, and fraud is
immediately taken care of, your data is sensitive and
could reveal a lot of information that could be used
against you
￮ Banks need to be on their guard more than most
businesses. That's the cost of holding onto the kind
of valuable personal data that banks do. Your data
with the bank can be breached if not protected from
cybercrime threats
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8. ￮ Unencrypted Data
￮ New automation technology without
Security
￮ Unprotected Third Party Services
￮ Unsecured Mobile banking
￮ A constantly changing threat landscape
￮ False Positives
￮ The Big Breach
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Major Cybersecurity Threats in
Banking Sector

9. Cyber Crime
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10. “
￮ Cyber crime encompasses any criminal
act dealing with computers
and networks (called hacking).
Additionally, cyber crime also includes
traditional crimes conducted through
the Internet
￮ For example; hate crimes, telemarketing
and Internet fraud, identity theft, and
credit card account thefts are
considered to be cyber crimes when the
illegal activities are committed through
the use of a computer and the Internet
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What is Cyber Crime

11. ￮ Hacking
￮ Virus dissemination
￮ Logic bomb
￮ Denial-of-Service attack
￮ Email bombing and spamming
￮ Web Jacking
￮ Data diddling
￮ Identity theft and Credit Card Fraud
￮ Cyber Stalking
￮ Ransomware
￮ Phishing
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Types Of Cyber Crime

12. Phishing
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13. “
￮ Phishing is a cybercrime in which a
target or targets are contacted by email,
telephone or text message by someone
posing as a legitimate institution to lure
individuals into providing sensitive
data such as personally identifiable
information, banking and credit card
details, and passwords
￮ The information is then used to access
important accounts and can result in
identity theft and financial loss
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What is Phishing

14. ￮ Phish Tank (2006)
￮ Anti Phishing Working Group (2003)
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Anti Phishing Group

15. Ransomware
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16. “
￮ It is a type of malware that prevents user
from accessing their personal files and
demand ransom payment in order to
regain access
￮ The most dangerous ransomware attacks
are caused
by WannaCry, Petya, Cerber, Locky and
CryptoLocker ransomware
￮ Ransomware is created by scammers who
are highly knowledgeable in computer
programming. It can enter your PC
through an email attachment or through
your browser if you happen to visit a
website that is infected with this type of
malware
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What is Ransomware

17. ￮ It's obvious when your device has
been infected with ransomware,
since you most likely won't be
able to access your computer
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How to recognize
ransomware

18. Cyber Bank
Frauds
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19. “
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What are bank frauds
￮ Bank fraud is the use of potentially
illegal means to obtain money, assets,
or other property owned or held by a
financial institution, or to obtain money
from depositors by fraudulently posing
as a bank or other financial institution
￮ Bank fraud is considered to be a white
collar crime

20. “
￮ Security breaches at Indian banks have
happened in the past, too. In 2016, in one of the
biggest ever breaches of financial data in India,
credit and debit cards of 3.2 million banking
customers were compromised. This was caused
by a malware in the systems
of Hitachi Payments Services, which runs and
manages ATM networks.
￮ Ninety of Yes Bank ATMs that were managed by
Hitachi were affected and data from cards used
at these ATMs were stolen. The recent malware
case comes at a time when mobile banking
transactions have been on the rise. Between
2015 and 2017, digital payment transactions
have grown at an average annual pace of more
than 50%, and instances of data thefts like these
can be a huge deterrent.
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21. THE CURRENT THREAT LANDSCAPE
 50 incidents of cyber attacks affecting 19 financial
organizations have been reported from 2016 till June 2017
 3 government-owned banks were infiltrated by attackers to create fake
trade documents like letters of credit (LC) and guarantees
 Since June 2016, SWIFT systems of 4 Indian banks have been targeted.
 Bangladesh Bank official's computer was hacked to carry out a
 $81 million heist
 In 2016, banks in India had to reissue 3 million debit cards and faced a
combined loss of more than $2 million after hackers allegedly penetrated
the system of Hitachi
 Cyber attacks against financial services cost consumers £8bn
 in 2016, research reveals 21
GLIMPESFROM

22. Preventions
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23. ￮ Although originally invented for the
cryptocurrencies (bitcoins), Blockchain
technology can be very useful for tightening
cybersecurity
￮ Blockchain could reduce banks infrastructure
costs by US$ 15-20 billion per annum by 2022
￮ Owing to their distributed nature, blockchains
provide no ‘hackable’ entrance or a central point
of failure and, thereby, provide more security
when compared with various present
database-driven transactional structures
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Implementing Blockchain Technology
for Cyber Security

24. Case Study
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25. ￮ Hackers managed to siphon off over Rs 94
crore through a malware attack on the
server of pune based cosmos bank
￮ Transactions were carried out on August
11 and August 13 in 2018
￮ In two days – 79 crore from various ATMs
in 28 countries and another 2.5 crore were
taken out within India 25
COSMOS BANK’S (PUNE)

26. ￮ Hackers were able to send fake
transaction reply(TRE) messages in
response to transaction request (TRQ)
￮ The incident was done by-”LAZARUS
GROUP”(the elite group of hackers
maintain by NORTH KOREAN regime)
￮ Same group was blamed for devastating
success of the “WANNA CRY
RANSOMWARE” last year.
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