Two weeks ago, Lloyds Bank was hit with a cyber attack that prevented customers from accessing their online accounts.
The attack lasted over a week and the bank was inundated with Twitter complaints over the period.
According to the BBC, “The breakdown in service from the group, including Halifax and Bank of Scotland, came after the websites were overwhelmed with millions of requests in a denial of service attack.”
At the time, Lloyds attributed the breakdown to “technical problems”, but it is now clear that the bank was experiencing something more ominous. According to The Guardian, “no accounts were hacked or compromised during the attack and Lloyds did not pay a ransom”.
The National Cyber Security Centre is now working with Lloyds Banking Group on the attack and on improving security.
Cyber attacks on banks
Internet gangs targeting banks and other financial institutions are becoming more prominent.
Just last year, cyber criminals targeted Tesco Bank, resulting in the loss of £2.5 million from 9,000 accounts. In January 2016, HSBC’s internet banking facilities were made unavailable following a DoS attack and, in 2015, the Royal Bank of Scotland suffered an attack on its online services.
Protecting systems and data
The financial sector is under increased pressure to upgrade their systems to be able to cope with online attacks. Banks are a key target for criminals due to the sensitive data they possess and the widespread effect an attack can cause.
ISO 27001 is the international best-practice standard for cyber security; over 27,000 organisations use it to assure their boards, customers, stakeholders and staff that they are cyber secure.
Download this green paper now to learn how smart organisations are protecting their reputations and their critical information assets while winning new business with ISO 27001 certification.