12/12/2013
Hackers Steal from Bank of England

This kind of news happens all the time, but most of them never hit the front pages. This time though, it's a different case because it's not just an individual that's been attacked, it's the Bank of England. As an established financial institution, it does attract attention from hackers all around the world.

The old fashioned way of doing it is by installing keyloggers on your device. It can come in any form of software or program that you think is safe, but it's really not. Sometimes, it's a long and tedious process. What the hackers do is they wait for you to make an online purchase of some sort to get your login credentials. They can also get your credit card information in the process.  Once they have what they need, they can now use your card to buy anything they want. That's when you have to run to your credit card company and inform them of this incident. If you are wise enough, your credit card is insured and 90% of the time, you don't have to pay for what the hackers used your card on. It's usually covered by the FDIC anyway.

What happened to the Bank of England is different. Several online thieves have found a backdoor in the servers of the Bank of England through the use of small financial institutions. Looking back, it seems that this kind of attacks occurred in the last six months. Cyber attack, as they call it, continues to bother some famous UK banks and financial institutions. Some of these attacks are worse than the other as they have interrupted critical financial services.

While the losses aren't really that big, these attacks are also somehow useful in order to prevent future and bigger attacks. Hackers have shown their way in the system and it has revealed its vulnerabilities. It's now time to find the backdoor and shut it for good.

The UK banks have also made their own moves in order to ensure that their bank is safe from any kind of online attack from hacker. Just this November, banks held a so called cyber war games wherein their IT staff are put to the test in order to check for further vulnerabilities in the system. This event is held in order to gain trust from investors. Their peace of mind is the most important thing for these big UK banks.

According to Peter Armstrong, who is the head of the cyber security department in Thales, banks need to invest in a more developed and integrated cyber defence system. IT staff members need to be continuous trained in the latest trends as well as creating new departments for cyber security if needed. Since technology is continuously evolving, hackers won't stop in finding new ways to attack the system and that's why the defence should always adjust and adapt accordingly.

If you want your data to be safe, along with your financial information, you can hide behind the wall of Faceless.me, which is a VPN service provider. When you connect through a VPN service, hackers won't be able to find you and steal your credit card info.