The economic cost of financial sector vulnerabilies and their global effects

The purpose of this study was to identify the various cyber related vulnerabilities that exist in the financial sector, how these vulnerabilities impact the sector and what mechanisms could be constructed to enhance the protection of the sector. This research identified a wide range of methods and tactics that are utilized by cybercriminals and cyber attackers to compromise financial sector institutions. The methods and tactics that are covered are malware, indirect attacks, financial Trojans, DDoS attacks, advanced persistent threats and a broad range of other tactics. The study also focused on the financial impact that vulnerabilities pose on sector institutions, businesses, governments and individuals as well as the potential for the global impact. Additionally, in an effort to understand how cybercriminals are able to successfully compromise financial sector institutions, a brief background is provided that addresses the operation of the cyber underground.;Keywords: Cybersecurity, banking vulnerabilities, malware, cybercrime, ATM, data breaches.