Book Review: Good primer to anti-bank cybercrime

Book Review: Good primer to anti-bank cybercrime

banking-journalvia ABA Banking Journal

“Cyberheist” does good job explaining risks and methods

Cyberheist: The Biggest Financial Threat Facing American Businesses Since The Meltdown Of 2008. By Stu Sjouwerman. KnowBe4, 240 pp.

holly_fordReviewed by Holly A. Ford, C.A.M.S., C.R.C.M,  senior vice-president and chief risk officer, Mission Community Bank, San Luis Obispo, Calif. “This review reflects my own opinions or beliefs about the book and its contents; it does not represent or reflect the views of my employer.”

Sjouwerman’s Cyberheist was an informative read. It took complex information around the electronic financial crime movement and broke it down into bytes of digestible information. He explained things like phishing, vishing, botnets, and DDOS (Distributed Denial of Service) attacks in a way that anyone who wants more information on this subject can understand.

There is some technical language which can be somewhat dry at times. But overall I feel the author explains things clearly and uses good examples to make it more user friendly to non-techies. Anyone with some basic knowledge of IT could pick it up and learn more.

cyberheistSjouwerman has been in information technology more than three decades, and spent the last nine years in IT security. He has been specializing in anti-spyware products since 2003.

I think this book would be a great training tool for anyone who is learning about information technology security, especially if you have responsibility in the financial services industry, or you are responsible for IT security in a business that conducts financial transactions electronically. As a consumer, you can pick up valuable tips on how to protect your own computers from being attacked–and what to do if it does happen to you.

As a risk management professional in the financial services industry, I know that this type of fraud is a huge threat and a top concern in the industry. Every day, thousands of these attempts to steal funds from financial institutions and their clients occur.

Many times these cyber criminals are successful. They leave behind a wake of financial loss, legal issues, and reputation damage. Banks are working furiously to keep up with security controls to stop these crimes from happening, but it seems a losing battle. This is the new way to rob banks; no more guns and masks, just some computer skills and free time.

The best way that we can protect ourselves, our businesses, and those we do business with (our clients) is to educate ourselves on cyber crime. Books like these are important. The better you understand the threats happening daily around the globe, the better you are equipped to protect yourself, your business, and your loved ones from being defrauded in the 21st century.

Holly Ford has reviewed for before:

On The Trail Of Terror Finance: What Law Enforcement And Intelligence Officers Need To Know

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