Many businesses tout the multitude of advancements in technology as tools that we can use to enhance society. While many advancements in technology are definitely a good thing, some can actually cause negative consequences. Many businesses have noticed the effects of these advancements in the form of new malware programs. Some of these advanced forms of malware have the capability of breaching financial networks, and wreaking havoc on business bank accounts.
What They Can Do
In the past, many businesses did not really worry about malware or virus attacks that much because they weren't really advanced enough to do anything. Now, malware can attack financial networks that were previously viewed as impenetrable or completely safe. They can breach ACH networks, which were thought of as completely safe ways to make electronic payments to other parties. These malware programs have even been able to get into corporate bank accounts and treasury management applications. When malware has the capability of getting into corporate bank accounts and treasury applications, there are basically no limits for what it can do.
Stopping the Attacks
Many financial institutions and businesses have invested heavily into firewalls and other preventive measures to keep malware from causing problems. Unfortunately, even the most robust firewalls and antivirus protections cannot fully stop some of the worst malware programs out there. Many of the most advanced malware programs out there are continually adapting to the changes that security experts are making. Because of this, they have been able to breach some of the most sophisticated security protocols that are currently available.
Advanced Bank Robbery
While some of these attacks are simply designed to cause problems, others are a form of advanced bank robbery. With this type of technology, criminals can hack into business bank accounts and siphon money out of them. They can get involved in ACH transactions and take money from unsuspecting parties. Some of these crimes have led to large amounts of money being stolen by anonymous parties online.
What Can Be Done
So what exactly does this mean to businesses who do not want to have their financial transactions compromised? Companies have to continually stay up-to-date with what is going on in the online security market. Many big businesses are investing heavily into cyber security, so that they can get the protection that they need. Companies have to continually adapt to the changes that are taking place in malware and virus programs. Some companies have created entire departments surrounding keeping their data safe from hackers and cyber criminals.
While the measures that are implemented cannot keep hackers out forever, they can at least slow them down long enough to change the security protocol that is used. This may turn out to be a constant dance between online security personnel and hackers. However, if this is what it takes to remain secure, many businesses are willing to go through with it.
Law enforcement agencies currently do not have the capabilities to be able to prevent most cybercrime. While they can investigate some of what goes on, they do not have the technology or the expertise to be able to compete with all of the different hackers out there. Because of this lack of oversight, it can be difficult for some companies to be able to protect themselves from the various threats that exist online. As law enforcement agencies become more equipped to deal with these security breaches, criminals will have a harder time taking advantage of the current infrastructure.
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