International Monetary Fund Is The Latest Victim Of Cyber-attack

By Author: eccuni
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Recently, International Monetary Fund (IMF) reported a cyber-attack, which caused a major security breach. Information security professionals of the international body are investigating the incident. Preliminary investigations have revealed suspicious file transfers, which resulted in the compromise of a computer system. Attackers have purportedly used the compromised computer system to access other systems of the IMF. The international body has alerted its staff on the security incident. IMF holds sensitive economic and financial data associated with 187 member nations. In case, attackers have access to confidential information, they may use the same to influence financial instruments in international markets. Attackers allegedly attempted to infiltrate the systems over several months. While investigations are still on, cyber security experts have termed the attack as a sophisticated malware attack, carried out after due reconnaissance. While security professionals are still investigating the incident, cyber-attack group Anonymous has allegedly warned to attack the website of the institution, in response to strict austerity ...
... measures incorporated in the bailout program for Greece. Cyber-attack on IMF is the latest addition to series of attacks on major organizations.

World Bank has terminated a network connection with IMF, used for exchange of non-sensitive information as a precautionary measure. Misuse of data collected through attacks on international economic bodies could lead to destabilization of economies, resulting in severe repercussions. The latest attack has increased concerns over cyber warfare. As attackers use compromised computers to target resources of an organization, investigators often find difficult to trace the exact source of the attack.

Organizations must place high emphasis on network security. There is a tendency among organizations to consider implementation of network security measures as a one-time activity. Again, some organizations consider network security as a mere compliance activity. Threats in the cyber space are vibrant. Even after compliance of the stipulated requirements, networks may still be vulnerable to sophisticated attacks. As such, organizations must place importance on periodical review of threats in the network environment, to safeguard networks from intrusions and security breach incidents. Unguided patch management may have adverse implications. As such, organizations must have patch management policies in place to ensure identification and application of requisite security updates. Hiring professionals qualified in IT masters degree may facilitate timely assessment of the security scenario and initiation of requisite measures.

Human capital is the most vulnerable target in the IT security chain. As such, organizations must place emphasis on creating awareness on cyber security practices among employees. IT professionals must emphasize on adherence to "Do's and Don'ts" to protect organizational systems from security breach incidents. They must also monitor and regularly update employees on the latest security threats and precautionary measures. online computer degree programs, e-tutorials and workshops may help employees in understanding security fundamentals.

Cyber-attackers are proactive in identifying and exploiting security flaws. IT professionals must be well-equipped to deal with frequent and ever evolving security challenges. Online technology degree programs, regular participation in security seminars and conferences may enable IT professionals to keep track of latest developments in IT security. Coordination and information sharing with stakeholders may help investigative authorities to effectively handle the growing menace of cybercrime.