Top 8 Security Threats of 2010

Financial Institutions Face Risks from Organized Crime, SQL Injection and Other Major Attacks

By Linda McGlasson, December 21, 2009.
Top 8 Security Threats of 2010


See Also: Cybersecurity, Digital Transformation and Resiliency - A Lesson for Financial Services Institutions

t's a never-ending battle -- the list of naughty and downright evil security threats that challenge financial institutions and security professionals. From organized crime to SQL injection, here are the experts' choices of eight major security threats to watch in 2010.

1. Organized Crime Targeting Financial Institutions

Over the past several years, law enforcement investigations into cyber crime have uncovered global networks of organized crime groups, including overseas criminal organizations (many based in Eastern Europe) that hire and direct hackers.

Rob Lee, senior forensics investigator at Mandiant, a risk assessment firm, says the battle between "us and them" increasingly pits the financial services industry against organized crime organizations. "The days of the Maginot line of information security are long gone," Lee says, referring to the defensive World War I battle line created by Allied troops to keep German troops from invading France. The battle lines reach far wider than just an institution's firewalls, he adds.

Anton Chuvakin, an information security expert and author, predicts that 2010 will see a frightening rise in incidents attributable to organized crime. "Rampant, professional cybercrime, from the Russian Business Network (RBN) to its descendants, from individual criminal 'entrepreneurs' to emerging criminal enterprises -- all signs point to dramatic rise of cybercrime," he says. "This is simply the logical consequence of today's situation with the use of information systems: Insecure computers plus lots of money plus no punishment equals 'go do it!'"

In other words, there has not been a better time to go into a cybercrime business, Chuvakin says. "The strategy is pretty much the 'blue ocean' one, with a lot of unexplored opportunity and a low barrier to entry."

2. Assault on Authentication

The banking regulatory bodies have long called for mandatory two-factor authentication for all online banking sites. Now industry security experts warn that attacks against those traditional customer authentication methods are being challenged and defeated. Avivah Litan, a Gartner analyst, says the threats include man-in-the-browser attacks that defeat one-time-password authentication from a dedicated token (such as the popular RSA SecureID), and call-forwarding that tops phone-based authentication, as well as transaction verification using SMS or voice calls. "This is bad news for banks that use these authentication techniques to protect high-value accounts and transactions, such as those from business and private banking accounts," Litan says.

Uri Rivner, Head of New Technologies, RSA's Identity Protection and Verification division, is also seeing an increase in high-grade man-in-the-browser trojan attacks. "In 2009, the emergence of highly customizable, stealthy, MITB-capable trojan kits reached a new height with the introduction of Zeus 2.0," Rivner says. MITB trojans send money in real time, he explains, rather than just stealing credentials for sale in the underground. Rivner sees additional "Fraud-as-a-Service" models will make these kits available to more and more fraudsters. Solutions include anti-trojan detection and countermeasure services, desktop hardening, out-of-band authentication and transaction monitoring, he says.

Commercial banking has already seen early signs of man-in-the-browser attacks targeting two-factor authentication used to protect U.S. commercial online banking customers. "In 2010, we project this trend to greatly intensify, requiring commercial banks to deploy additional lines of defense such as adaptive authentication, out-of-band authentication, desktop hardening and anti-trojan countermeasure services," Rivner says.

3. More Malware

It seemed that almost every week in 2009 there was another announcement by a security researcher of a newly discovered malware variant. RSA's Rivner says malware spread like wildfire. "The rate of the malware infection of personal computers was 10 times higher during 2009 compared to 2008," he notes. Leading the infection methods are drive-by-download (taking over legitimate websites; routing visitors to an infection server) and social network infections (spamming a victim's entire social network "friend list" with links to infection servers).

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