Security Alerts and Recommendations from
Mitigating Security Risks to Financial Institutions
Banks will need to make online security presence a high priority for 2017 in order to keep up with competitors and fight for business and investment. Customers and investors want assurance and confidence that they are dealing with a secure bank and will divert their funds accordingly. In addition, banks need to be able to continue normal business operations with fewer breakages and system failures. When banks take these market factors fully on board, they can better understand the true value of investing proper amounts of time and money into cybersecurity efforts. This will lead to overall enhanced profitability and stability for the individual bank as well as for the banking industry.
The crucial factor that senior banking executives need to take on board is understanding that these risks stem from a wide range of external sources. It is a common misconception for banking executives to believe there are a limited number of threat sources – which is leading to unidentified sources of risk.
Most commonly the attackers are seeking to acquire capital as well as confidential data and sensitive information. EnCirca offers several services to help you secure your domain and keep your data safe.
Compromised emails and websites pose a serious and preventable risk.
Financial Institutions are among the most spoofed and phished brands. Imagine if you could give your customers the peace of mind that all email they receive from your domain is legitimate?
Utilizing EnCirca’s DMARC service will go a long way to protecting your institution to the fullest extent possible at this time. Achieving DMARC Alignment helps prevent these attacks.
What is DMARC?
Domain-based Message Authentication, Reporting and Conformance (DMARC) is a requirement that involves the email addresses used by a customer to send out email. DMARC is a way to determine whether or not a given message is legitimately from the sender, and what to do if it isn’t. This makes it easier to identify spam and phishing messages, and keep them out of customers’ inboxes.
DMARC provides domain-owners with control, and the ability to block domain-based spoofing. Used correctly, DMARC also provides domain-owners with intelligence, by giving domain owners aggregate and forensic data on emails. However, DMARC implementation is complicated and has traditionally been too costly for most small businesses.
DMARC Migration Process
By default, domain names have DMARC records set to “Reject”. This means the domain is not being used to send out email. Customers are free to keep this setting for as long as they wish to. When a customer decides they want to start using their domain name to send out email, the DMARC record is temporarily set to “None”. This allows a designated email address to review reports from various email service providers, such as Google, Yahoo, Comcast, Microsoft, etc. regarding emails that are claiming to be from the customer’s domain name. All authorized email senders are then inventoried and white-listed in a SPF record (A less-common approach using digital signatures is called DKIM). Once either of these records are correctly configured, the DMARC setting is switched back to “reject” so that the email service providers do not deliver unauthorized email.
The DMARC Solution
EnCirca’s partnership with Proofpoint, a founding member of DMARC, provides a one-stop shop for customers, helping them comply with the registry’s security requirements as quickly as possible. Our DMARC Monitoring Service is a cost-effective email authentication service appropriate for organizations to help make the promise of a secure site a reality. Our base package includes Email authentication for all of your existing website domains.
The runner up to phishing is a newer scam: pharming. Unlike phishing, which requires victims to voluntarily visit a criminal’s website, pharming simply redirects victims to fraudulent websites without assistance. This clandestine activity can go undetected for ages, allowing the attack to siphon huge chunks of sensitive information, including all Passwords and Usernames. Pharming subverts a basic service of the Internet known as the ‘Domain Name Service’ or ‘DNS.’ Each machine connected to the Internet knows the location of one or more DNS servers. This service translates a human-friendly URL name such as www.yourwebsitehere.com into an IP address, which is a unique number that has been assigned to each web server on the Internet.
At a high level, DNSsec (sec for security) is similar to HTTPS for websites to encrypt communication using cryptography keys behind the scenes. fTLD is requiring .Bank registrants to support DNSsec for hosted e-mail systems, content delivery networks, and security fraud systems by January 1, 2018. This is a security standard that allows the Domain owners to physically monitor traffic to their domain. The owners are able to register their Domains’ zones, enabling DNS resolvers to verify the authenticity of all DNS responses.
Successful exploitation could possibly allow a malicious attacker to create a denial of service disrupting websites and backup systems or potentially allow execution of arbitrary code with elevated privileges on a targeted system.
EnCirca’s new DNS service is ISO 27001-certified and provides the “Carrier-Grade” technical stability, performance and high-availability demanded by security-conscious organizations today. A highly redundant and scalable Anycast network helps fight against Distributed Denial of Service (DDOS) attacks. The service also includes enhanced security tools to help companies fight phishing and other email-related fraud.
Our SecureDNS technology includes:
18 Global DNS sites covering every major continent
Numerous redundancy measures
Services delivered over IPV4 & IPV6
Join us at EnSight next week as we go over how to prevent data breaches using multi-factor authentication and the appropriate SSL certificates.