Cyber attacks have been ramping up in 2017, this time targeting Lloyds Banking Group, effectively flooding the lender’s digital services for over 48 hours, which ultimately prevented clients from accessing their account, according to a recent report from the Financial Times.
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Large-scale hacks of lenders are nothing new, with the past twelve months seeing no shortage of breaches, shutdowns, and other incidents involving cyber security. One of the most widely publicized hacks recently was a heist of over $1 billion from the Bank of Bangladesh via the SWIFT network.
Since then, lenders and other financial venues have been diligently shoring up cyber security and defenses, however the tools and resolve for such attacks has also been improving in tandem. In the case of Lloyds, a cadre of international hackers managed to flood Lloyds digital network, bottlenecking select areas of its operations for nearly two days.
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More specifically, Lloyds’ digital network suffered a blitz of traffic in an bid to disable it, affecting both Lloyds and its Halifax and Bank of Scotland brands. Consequently, many of the groups’ customers were temporarily unable to utilize their respective banking services, even including such basic functions as checking their balance or sending payments.
Despite the breach, no customers suffered financial losses. This isn’t the first instance of a cyber attack against Tesco Bank, which was the target of another hack in recent months. Thankfully for the lender, the damages wrought by this most recent hack appear to be muted in comparison to earlier episodes.
Still, the successful breach of Lloyds’ digital system drums up the need for further security protocols. Many lenders are relying on outdated security measures, which presents acute vulnerabilities to modern hackers.
The hack could not have come at a worse time for Tesco Bank, given an ongoing investigation into its aforementioned attack. The UK’s National Cyber Security Centre (NCSC) and the National Crime Agency are investigating the bank to determine if the group deployed adequate cyber defenses.
According to a recent NCSC statement regarding the Tesco Bank hacks: “The more information a company shares in a timely manner, the better we are able to support them and prevent others falling victim. But companies ultimately hold responsibility for their cyber security risks — and they should invest appropriately to ensure their networks are secure.”