PNC FINANCIAL

PNC Financial



Discussion3

Impact of cybercrime on PNC Financial3

Cybercrimes4

PNC Targeted4

Threats and vulnerabilities4

Regulatory requirements5

Errors of attribution and intercultural differences5

Importance of considering these influences6

References7

Discussion

Impact of cybercrime on PNC Financial

Cybercrime has a huge impact on all institutions not just PNC Financial. The British Prime minister Cameroon himself said that British economy suffers 27 billion pounds every year due to cyber crimes. Cyber crime has perpetrated mainly due to rampant use of online and internet banking. It affects banking and financial systems in a strange way. What it does is that it takes over the account and using wire transfer funds can be embezzled (Saban et al, 2002).

There are several ways a financial organization and banking institution such as a PNC Financial be inflicted with harm by cyber criminals. Fraudulent online applications may be submitted by cyber criminals in order to obtain bank loans. If such as an application is successful it can have a huge impact as there are hundred percent chances that the debt will go bad. Often online users experience denial of service attacks. This happens when customers are unable to access the website in the first place or when they even do they are unable to login and carry out transactions. This is how ecommerce can be disrupted and can cause an organization such as a bank with privacy theft, systems trespassing and customer dissatisfaction. Online banking payment systems can be compromised which is a real virtual security threat. Soundness of financial systems and safety of the systems can be compromised at times of identity takeover where identity thieves take over new accounts and thus significantly affect online banking (Brill et al, 1998).

Cybercrimes

PNC Targeted

Like many other major banks in US, PNC Financial has also been targeted with cybercrimes. In the last ten days of September 2012, PNC Financial experienced 'denial of service attacks'. Day-long slowdowns were experienced by PNC Financial. The company's website was inaccessible whole day long. Denial of service attacks functions in an interesting way. Huge load of traffic is directed at a particular website which clogs down the main servers due to excessive load and causes it to trip and ultimately crash. Banks often are prepared for cyber attacks and have installed appropriate systems to counter such attacks. Surprisingly PNC Financial had no such systems to stop this artificial traffic and was thus subject to a mysterious cybercrime. Application servers that were high powered ...