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Coming under an apparent cyber attack just a short time ago this news comes on the heels of JPMorgan Chase's consumer banking website.
Also being hit vote by what appears to be a cyber strike starting early this morning the attacks following hackers hitting Bank of America's web -- Yesterday just how big a threat is this growing wave of cyber attacks.
Let's ask Morgan right cyber terrorism expert and first and foremost sir thank you for joining us.
Do we know where these attacks are coming from are they the usual culprits who are hackers and like to cause turmoil or is this coming from the Arabic Islamic world.
By what's been happening -- -- film in the unite.
It states in the protests over there right out of -- hey thanks for having me on.
It's I don't blame as a Russian said one -- I don't believe in coincidence comrade so there is a lot of comparisons between what's happening here in attacking the financial institutions which are always under attack let's not kid ourselves they are always a target.
And the events happening in the Middle East so it does appear to be coordinated it doesn't appear to be the same it does appear to be the same kind of attack.
A distributed denial of service attack.
If I mean it's Morgan ankle biter attack it's really not -- as much damage as it's causing inconvenience and reputation -- For a lot of the major firms right now but there's no doubt that there's a connection whether.
Did the group that's claiming credit Ford is I'd been Alka -- or whether it's our ran well there's.
So you're you're -- in Iraqi there's flashpoint partners and security firm just put out -- press release and they're saying that actor -- Saudi anonymous one.
They're taking claim for the attack on the New York Stock Exchange doesn't seem to disrupted anything there.
We don't know who's taking claim yet for what's happening at JPMorgan Chase.
But -- -- chase customer try to get online and he can't get online when you say this denial of service our latest literally flooding.
The in box of these institutions and that's blocking the normal people from getting and -- you think of it.
Accessing the website it has so many open doors if you try to put more through the doors and what its can handle.
Then you're denying and treat everybody also they -- -- -- -- -- with these requests that don't allow -- to make a connection to the site that's what's called -- distributed denial of service.
You can actually get -- -- other ways this is really attacking more of that domain names like Bank of America out or chase dot com.
So there other ways to get put three -- iPad -- that through your ATM we're using the actual IP address of the site so.
No physical -- being done -- right it does consume resources does keep people from accessing their credit card or their banking information are making financial.
Cost consumers a 110 billion dollars last year it's actually July 2011 to -- July 2012 exist here in the United States it's about.
Twenty point seven billion dollars -- any protection let's say someone breaks into my account online and then transfers money out.
-- -- 100% covered what's the bottom line on that.
Yet most banks are protected against that -- -- if I'm dealing with bank accent and somebody breaks -- and transfers my money out.
I'm on cover for that lead to bigger issue -- which are getting into the Phishing attacks the some of these others.
They're using social engineering you're actually giving you to take an action which is not trusted that you believe this trusted.
Those -- are harder to defend against and sometimes your liability main change may change if you don't.
-- take normal precautions changer pass review strong encryption but at the bank it's usually protected but.
The bigger concern is getting access and doing these transactions.
Looking like a trusted insider it's gonna take longer to detect which means your chance of getting your money back for them finding them.
Diminishes with time -- senator Jay Rockefeller put out a letter to some of the largest financial institutions in the country wanting their experience.
With cyber attack congress failing to.
Pass legislation and to set up standards for protocols to protect consumers.
Where do we stand on this was what congress -- was trying to do a good idea I know the the business coalition was against it by now senator -- demanding that the banks say what's going on.
The outlook they got a better candidate senator Rockefeller's got a better chance of seeing god on this because you're not gonna get banks and financial institutions and other companies the fortune 500.
To tell you how they're protecting and what they're doing now you get into intellectual property however though.
Back in 1999.
As an offshoot of presidential decision directive 63 Bill Clinton signed and office.
Are one of the first.
Things that -- stood up for voluntary compliance is called the financial services information sharing analysis -- the FSI sacked for people came together -- their collective experience.
And shared threat information what was going on as a voluntary way to do this.
If you try to legislate people to do this what happens -- -- year it did just that at the end of the day it's like what Milton Friedman said the consumers can end up paying this cost you know.
Nobody wants to go out of business nobody wants to have -- security -- get a lot of this you used to be.
Price speed and security picked to her a lot of -- security was on the back -- that but it's it's very important now because we're dealing with more than just money.
We're deal with personally identifiable information people's lives as we -- -- try it seems to me when -- when we speak experts like yourself the best thing you can do is a very quickly every now and then change or password what they have absolutely.
All right -- right we appreciate you joining us here on my and that advice change your password it seems like the say.