|Type of paper:||Essay|
|Categories:||Information technologies Banking Criminal justice Cyber security|
The customers who used computers that were affected by the virus keystroke logger were affected. The virus collected their user names and passwords, their account numbers and their ID numbers, their URL addresses and their digital certificates. The cybercrime occurred in the U.S in the states Georgia, California, New York, Texas, and Florida, and in China, Romania, Thailand, and Moldavia. I will use the copies of the digital certificates that the customers used and the account access from the bank account manager of VL Bank, who is responsible for the affected accounts to get information of the group behind the crime and implement on more improved security measures in future. The fraudsters made private transfers of $10,000 to the U.S bank accounts of specific individuals, from VL Bank accounts to banks in California, Texas, Florida and New York then they are transferred automatically to the international bank accounts in Thailand, Romania, China, and Moldavia.
Laws Applicable to the Case
One of the law that is applicable to VL bank case is Fraud and related activity in connection with computers. The attackers used computer systems in committing the fraud. The other applicable law is aggravated identity theft. Money of the businesses customers was stolen in this case, and that is the reason why this law is applicable in this scenario. The preventive law pays attention to the regulation risk regulation. It seeks to prevent the occurrence of the cybercrime or ease the damage. The alert rule applies when the CISO of the bank is questioned by everyone why the event, and has to do everything possible to resolve this issue. The data protection laws are made to reduce the harms caused during cybercrime, and minimize private exposure to the cybercrime. The lawyer is involved in identifying, investigating and prosecuting the cybercrime through guaranteeing that the tools necessary, actions and procedures to ensure these actions are in place.
Procedural law defines the procedures and processes to be used to apply practical rules and regulations to enable actual law to be enforced. A criminal proceeding has to be employed, which includes an extensive analysis of the rules and guidelines on how the suspects, accused and convicted people will be handled by the body of the criminal justice system. The procedural law is inclusive of provision of the evidence and the criminal proceedings on the authority and the investigating agencies, relating to the collected data, monitoring, searching, data preservation and retention.
VL Bank will identify, collect, share, use and identify digital evidence from the clients' digital certificates. The procedural law will cover the identification, collection, storage, analysis, and dissemination of the digital evidence, that is all the information that can be retrieved from the Bank's computer system and any other digital device, that can offer verification of an offense (Maras, 2014). The evidence rules and criminal procedure are inclusive of the standards utilized during the determination of if the digital evidence is acceptable in the court. The digital proof is verified and how truthful it is determined. The evidence rules advice that the methods used to document, collect, preserve, transmit, analyze, store and secure the digital evidence be admissible in the national courts. The VL bank will work closely with work together provide the forensic investigators with what is required to make their process quick. On the other hand, the VL Bank will present statement to the court regarding the robbery.
Verification steps include the judicial body identifying the identity of the source of information, and verify the truthfulness of the evidence if it has been changed or manipulated in any way. According to Campbell, and Zavrsnik(2013), to ensure the acceptability of the digital evidence in the judicial courts, maintaining a chain of supervision, a detailed record on the evidence, state of the evidence, how it was collected, stored, accessed and transferred, together with the reasons for the access and transfer is essential.
Both preventive and procedural laws are applied in the VL Bank case in different approaches. Preventive law will be used in accessing the various activities that could have been taken to avoid any chances of causing cybercrime. The individuals who are identified in going against the definitions of the law will then be made through the process of punishment. The procedural is applied in such a way it evaluates if the right procedure was used in getting evidence of the criminal activities concerning the bank accounts. The ignoring of the vital approaches of the whole process of finding the truth of the crime committed on the minds of the bank is punishable by the actions are taken intentionally or non-intentionally.
VL Bank should seek assistance from the court by reporting the incident. In response, the court will then give a warrant for investigation. Qualified officers should then undertake forensic examinations of the whole issue and then present the evidence to the court of law. With the help of the evidence and the witness, has the basis for ruling the case according to the law.
The CISCO of the bank and the VL Banks lawyer should have a relationship. This is important as it will help in ensuring that there is enough information gathering regarding the case. The approach is essential in providing that the case in the court of law is going in the right direction and anything that may e required by the court of law or the investigators is readily available. In this way, it is an essay for one to be in the position of making that the decision concerning the case has been arrived at with the minimum time as much as possible.
Effects of Cybercrime to the continuity of VL Bank
Loss of reputation. Once any information gets to the web, deleting it is almost impossible, and the chances are that it will live there forever. The internet carries the most significant public influence. Storage of data online is nowadays at risk of getting hacked and revealed to the public, or worse being manipulated and stolen. According to a survey conducted by global survey by Gemalto, the theft of sensitive information or data has negative impacts on the breached business-customer relationships (Finnemore, & Hollis, 2016). Approximately 95% of the responses admitted that they would take legal action against any party involved in the rigging.
Not surprisingly, most people would opt to cut ties with the breached business completely. Approximately 2/3 of the interviewed people indicated that they would completely break ties with the organization, never to come back and never to recommend to anyone to the company. As such, a data breach leads to a loss of customer trust.
Erosion of competitiveness. Cybercrime can affect the competitiveness of the business adversely. Considering the mass amounts that have been stolen from the bank, it is a massive loss to them because their trading materials have been reduced. This might render the business bankrupt, and even closure by the central bank. It is severe damage to the growth of the market and its revenue. The most significant loss is the customer data, which is usually very sensitive. When there is a data breach the customer's trust in the business in undermined, and the confidence in their ability to keep any of their financial information in the bank fades away.
It is a huge red flag when the bank loses its data, but it's even worse if it loses the customers' data. Cybercrime has always been a real global concern for the customers, and they may feel less motivated to do business with a company that would mismanage their information.
Some of the technological techniques that the VL Bank could deploy to protect it from future cases of cybercrime include;
Adoption of advanced authentication techniques that would be required to secure any financial transaction. A mere setting of the usernames and passwords is not always enough since the hacker is ever coming up with innovations to hack the credentials. The VL Bank should come up with advanced techniques, that can detect any sign of cybercrime, based on the patterns identified in navigating through the websites and any transaction. These could be facial recognition, smart cards, or fingerprint sensors. As the mobile device transactions become commonly used, the VL Bank needs to deploy techniques for verification such as mobile-based transaction verification and active device verification.
The bank's machines should be regularly checked and hardened. The IT department of the bank must ensure that every workstation and any device that uses the internet within the bank has an active firewall. It denies access to any communication from an unauthorized source. The IT department should make sure that all the PC's operating system receives security updates regularly. Moreover, they must be installed with an active and updated antispyware and antivirus software that detects any malicious and malware programs within the network. Every wireless network within the bank must be secured and the passwords well protected.
Information Security and Assurance Controls
Get an inventory of all the authorized and unauthorized devices that are accessing the system. This will assist in knowing what has connected to their networks anytime. Get a list of the authorized and unauthorized software. This will contribute to identifying and monitoring any software that is loaded on any device that has been connected to their network. The system should make sure that all the hardware and software on the devices connected to the bank's server have secure configuration, which is uniform for all the tools and they do not have default passwords.
Real-time monitoring systems need to be installed as per the latest technology to prevent any future link with the activities of cybercrime to the VL bank. The other approach is ensuring that the personnel that is involved in the operations of the bank activities are in held responsible for the task given to them. In this, care for the systems as well as accountability will be, and better results will be realized.
Maintain a continuous vulnerability assessment and remediation, which will aid in monitoring regularly the network system for any vulnerabilities and maintain all the systems and the software current, with the most recent reinforcements. The bank should manage, monitor and analyze the audit logs. If there are deficiencies in the logging of security and analysis, the attackers might get chances to hide their locations, activities and malicious software on the bank's machines. When there are no bold audit logs, the attackers might leave without notice, and the damage that could have resulted could be irreversible. The bank should deploy an incident response and management technique, where it does not compromise if it happens, instead give a focus on when it happens. As such, when an attack goes successful, it will always be prepared on understanding how quickly it can resolve it. Other controls that need to be put into considerations includes all the employees of the bank being identified by use biometrics. On the other hand, any attempt of system tampering to be recorded for reference purposes when a problem arises.
Campbell, M., & ZAVRSNIK, A. (2013). Should cyberbullying be criminalized? In Cyberbullying through the New Media (pp. 83-100). Psychology Press.
Finnemore, M., & Hollis, D. B. (2016). Constructing norms for global cybersecurity. American Journal of International Law, 110(3), 425-479. https://doi.org/10.1017/S0002930000016894
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