Headline November 13, 2018/ '' ' CYBER'S -FANCY- CURLERS ' ''

'' ' CYBER'S -FANCY- CURLERS ' ''

''WELL, WELL, HEROES !................  whats cooking on the Dark Web? Merium, Rabo, Haleema, Dee, Saima Sarah, Hussain, Shahzaib, Haider?

A DISTRIBUTED DENIAL OF SERVICE [DDoS] attack on the RBS Group in the UK three years ago left millions of customers without access to their account for nearly an-hour. 

A DDoS ATTACK - is a complex and coordinated cuber attack that serves to undermine digital  connected systems, reflecting on a -

A high-tech form of crime that is - purposeful, resourceful and timed for maximum affect.

This years Global Risk Report places cyber attacks in the top five global risks, behind only extreme weather events and natural disasters. The Report by the World Economic Forum [WEF] said.

THERE HAS BEEN an encouraging growth of online payment platforms the world over. A large  part of this is attributable to growth of business to  .......  consumer e-commerce.

This of course was also helped by expanding Internet access, branchless banking, improvement in  3G/4G services beyond first tier-cities, and a rising youth population which is educated and tech savvy.

The recent cyber attacks on Pakistani financial institutions are of a great concern to people. A financial bank suffered abnormal transactions valuing over Rs 2.5 millions on the morning of October 27, 2018.

During the process of detection and recovery, the international payment card and domestic ATM cash withdrawal services were disrupted at the bank.

Moreover, concerns over a further US$6 millions worth of payment were reported to be allegedly carried out.

After this incident there have been more revelations - of up to nine banks withdrawing international debit card facility.

This is in line with reports that Pakistani card details have become available online underground markets; such markets have become a norm as part of the ''dark web'' which are essentially unregulated parts of the Internet that have emerged over the years to support a black economy to thrive and be marketised.

The scale of potential disruption from the cyber attacks on banking services is not to be underestimated given the increasing reliance on online banking - everything, from ATMs to e-commerce.

''Most attacks on critical and strategic systems have not succeeded - but the combination of isolated successes with a growing list attempted attacks suggests that risks are increasing.

And the world increasing interconnectedness and pace heightens our vulnerability to attacks that cause not only isolated and temporary disruptions but radical and irreversible systemic shocks.''

Banks and financial institutions are acute targets as such given their critical role in the entire national ecosystems.

A recent Brookings report on cyber risks and financial stability alludes to this argument on how financial markets can propagate and amplify such shocks, potentially leading to financial crises.

One argues this is a sobering moment for the cyber security community interested in say, Pakistan's financial institutions, as the potential for domino effect, exposing vulnerabilities in the technical foundations of the banking sector of the country.

The Honor and Serving of the latest Operational Research on Cyber Security continues. The World Students Society thanks author and researchers Prof. Siraj Ahmed Sheikh and Dr. Vaqar Ahmed.

With respectful dedication to the Students, Professors and Teachers of the world. See Ya all prepare and ''register'' on : wssciw.blogspot.com - The World Students Society - for every subject in the world. And........

Twitter- !E-WOW! - the Ecosystem 2011:

'''Rethinking Great Returns'''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless