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Critical Infrastructure and a Cyberattack Research Paper

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Running head: CRITICAL INFRASTRUCTURE AND A CYBERATTACK 1
Critical Infrastructure and a Cyberattack
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Institution

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CRITICAL INFRASTRUCTURE AND A CYBER ATTACK 2
Introduction
Over the past years, the use of modern technology has geared up into business activities.
According to Bouveret (2018), cyber technology, in particular, has made many organizations
realize much profits. Especially, cyber technology has given a great favor to the financial
institution through the provision of data, digital money, network as well as many online services.
However, the fact is where technology facilitates intense services, there is the presence of
disastrous consequences for the financial institutions. With the emerging trends in business, the
majority of the financial sectors largely depend on the cyber services for personal and financial
information. However, by the development of these trends, theft tactics have also upgraded. Over
the past decades, cybercrimes as a technology disease have spread very speedily in the present
area. This has actually classified nothing as secure and financial institutions are under great
attack. Therefore, in this alarming situation where attackers are daily improving their tactics,
financial institutions must pay closer attention to cybersecurity. For instance, Tariq (2018)
pinpoints that in 2016, there was a widely reported attack on Twitter, PayPal among other
targets. The number of cyber-attacks is increasingly affecting the financial sectors negatively and
businesses spend much money in deterring crime.
Impact of Cybersecurity on Financial institutions
The impacts of cyber-attacks on financial institution may be experienced either directly or
indirectly. One of the direct losses is a data breach which has had harmful lasting effects. In the
financial sector, it is estimated that the cost of a data breach has been exponentially large. For
example, in the US, a report has it that about $225 was spent across all the industries. Bédard-
Pagé (2018) approximates that the higher cost may be due to the attacks the thieves use to target

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Running head: CRITICAL INFRASTRUCTURE AND A CYBERATTACK Critical Infrastructure and a Cyberattack Name Institution 1 CRITICAL INFRASTRUCTURE AND A CYBER ATTACK 2 Introduction Over the past years, the use of modern technology has geared up into business activities. According to Bouveret (2018), cyber technology, in particular, has made many organizations realize much profits. Especially, cyber technology has given a great favor to the financial institution through the provision of data, digital money, network as well as many online services. However, the fact is where technology facilitates intense services, there is the presence of disastrous consequences for the financial institutions. With the emerging trends in business, the majority of the financial sectors largely depend on the cyber services for personal and financial information. However, by the development of these trends, theft tactics have also upgraded. Over the past decades, cybercrimes as a technology disease have spread very speedily in the present area. This has actually classified nothing as secure and financial institutions are under great attack. Therefore, in this alarming situation where attackers are daily improving their tactics, financial institutions must pay closer attention to cybersecurity. For instance, Tariq (2018) pinpoints that in 2016, there was a widely reported attack on Twitter, PayPal among other targets. The number of cyber-attacks is increasingly affecting the financial sectors nega ...
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