Lloyds Banking Group Suffers Cyber Assault, Hindering Digital Operations

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 Cybersecurity Cybersecurity Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Read this Term. One of the most widely publicized hacks recently was a heist of over $1 billion from the Bank of Bangladesh via the SWIFT network.

Under Siege

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.

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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

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.

Defensive Struggles

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.”