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Cyber-Attacks: A Growing Threat To Our Financial Institutions

Katie Jensen
Jan 04, 2022
The Federal Deposit Insurance Corporation (FDIC) was the source of 10 of the 16 major information security incidents that occurred within the federal government during Fiscal Year 2016

An uptick of cyber-attacks are predicted to cause havoc with U.S. businesses including major corporations and financial institutions.

KEY TAKEAWAYS
  • Stealing identities, such as the identities of high-level professionals in a corporation, empowers a threat actor to potentially gain confidential information.
  • According to experts in cybersecurity, Log4J allows threat actors to access your computer without you knowing it.
  • Danielson predicts an uptick of threat actors performing cyber-attacks over the next 25 years to cause havoc with U.S. businesses including major corporations and financial institutions.
  • 'They'll first steal your mortgage, your identity, and everything in between to give you a financial heart attack when you turn 60.'

Cybersecurity and digital forensic expert Ricoh Danielson warns everyone that protecting yourself from new online threats such as Log4J is more important than ever. According to experts in cybersecurity, Log4J allows threat actors to access your computer without you knowing it.

The online vulnerability is hidden within Microsoft’s code, likely accessed by Chinese and Korean scammers to transfer your entire identity including passwords, financial information, nationality, and other biometric information.

Mortgage professionals beware! The industry has rapidly undergone changes throughout the pandemic by implementing new technology systems that help to cut operating costs and fatten up profit margins in lieu of refinances. Experts are becoming more concerned; by stealing identities, such as the identities of high-level professionals in a corporation, empowers a threat actor to potentially gain confidential information and access. 

Danielson predicts an uptick of threat actors performing cyber-attacks over the next 25 years to cause havoc with U.S. businesses including major corporations and financial institutions.

"You also have to be diligent and hyper-vigilant at continuously practicing cyber security hygiene and not putting it off since there's too much at stake," said Danielson. "This includes changing your passwords and implementing a multi-factor authentication."

Danielson sees inaction and the lack of urgency as a huge issue in combating the growing cybersecurity problem. For younger generations, cyberattacks are normalized to the extent that people are not taking them seriously. “Not enough people are taking it seriously, probably because it's not sexy,” he stated.

"Inaction is a huge problem,” Danielson said. “Everyone should be practicing cybersecurity wellness. I hope my book Decisive Action, which will be out later this year, will motivate you to change your mind.

"These malicious threats are like a heart attack,” he continued. “They'll first steal your mortgage, your identity, and everything in between to give you a financial heart attack when you turn 60.” 

Danielson is a U.S. Army veteran and now a busy and highly sought-after cybersecurity and digital forensic expert, helping companies from healthcare to financial institutions tighten cybersecurity.

He is available to the media as a cybersecurity and digital forensic expert and has been interviewed by USA Today, New York Post, and the Kim Komando Show. He also has a Podcast.

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