After tricking employees into opening emails that gave them access to debit card account numbers at National Bankshares of Blacksburg, Virginia, Russian hackers stole $2.4 million from hundreds of ATMS across the country in 2016 and 2017, news accounts say.
To make matters worse, the bank’s insurer has offered only $50,000 to cover the loss, a dispute that is now in federal court.
Taking your insurance company to court is one way to reduce your cyber security losses. A better way is to arm yourself against such losses in the first place. At onShore Security, we have 20 years experience in protecting banks from cyber intrusions and a comprehensive system of detection, analysis, and ongoing vigilance that builds security, inside and out. Learn more from our CEO in the video below.
“Hi, I’m Stel Valavanis, the CEO of onShore Security.
Does your cybersecurity team work with banks?
Ours does and has since the late ‘90s, with First National Bank of Chicago and some large prominent trading firms.
Fast forward to 2004, we built a detection platform tuned for banks. In fact, it was the demands of regulators who wanted to know if the banks they were watching were not just secure, but auditably secure. This is in concert with risk management; this is in concert with insurance. The reports that we generate are not only rich, they’re tuned toward the needs of the type of audits regulators need.
Now today, we’ve tuned our detection platform such that it understands applications, network segmentation that you see much more in regulated industry like a bank. Tunes for threats, tunes for anomalies and, most importantly, reports on compliance. We store this data for 12 months, as a default, and we have the option of burning all threat log and tagged packet capture data onto optical disc for long-term archiving.
This is the kind of activity you have to do for highly regulated industries and we firmly believe that mid to large organizations are going to need to be doing this kind of activity for compliance going into the future and frankly, for a stronger security posture. Thank you very much.”