I opened up my Web browser this morning and on the front page of MSN.com (yes, yes … I confess my default homepage is still set to MSN) was this article about the dangers of online banking. The article was pretty well written, and it brought to light some very practical things people can do to better protect themselves from online threats later in the article. Being in the business of professionally assessing the security of all things online, I’ll be the first to admit that there are indeed risks to online banking (trust me on this one >:P). However, how this article came to that conclusion is what I found a little misleading, and if we go back to our framework for thinking about security in terms of people, process and technology I think there’s a very simple and valuable lesson here on how to quickly make sense of the information (good and bad) that we’re fed about information security. If you’re a home user, it might help you not get suckered into buying and wasting money on some ‘miracle security product’ out of fear, uncertainty and doubt (FUD), or if you’re a CIO, CSO, security manager or otherwise, maybe it will help you not get duped by shady security vendors. Whatever your case may be, I hope this helps.
Onto the article. The position of the article is that online banking can be dangerous, and stories about users get their accounts compromised are discussed to set the stage for further discusion. Here is an article snippet which describes how Joe Lopez’s bank account was compromised and temporarily had to the tune of $90k stolen from it:
What he didn’t realize were the risks (of online banking). A malicious virus had infected his computer and, in a matter of minutes, captured his user name and password — allowing a hacker to transfer $90,348 to a rogue overseas account.
Did you catch it? Did you see what was wrong with the above? If not, see if you can see the problem with this next article snippet which describes another victim named Mia Joswick who fell prey to a phishing scheme that was impersonating her bank and on top of getting her account compromised, also had her identity compromised (since her password was her social security number):
Mia Jozwick, a student at Wagner College in New York City, was duped by a “phishing” e-mail made to look like a message from her bank. Thinking it was an important financial notification, Jozwick responded by firing off her user name and password; she learned it was a scam only after someone emptied her account.
Hopefully you caught the problem that time. If not, read on.
Here’s what I think is wrong with parts of this article and the way it concludes that online banking is dangerous. Let’s concede for a moment and assume that yes, online banking is indeed dangerous, and look at why online banking would be considered dangerous. For something to be dangerous (or insecure), usually this means that there is some potential for loss (risk), and that the controls implemented to reduce that risk will fail in some fashion. In other words, if you can map a potential for loss (risk) in some system, to a failure in a control for that system caused by some threat agent (or hazard) that causes the loss, then you can reasonably say that using that system poses unmitigated risks or is ‘dangerous’. So for online banking to be dangerous, that means one or more control within the online banking application has to improperly fail. We can further organize this thought pattern and say that some control within the online banking application failed in one or more of the following categories:
- People
- Process
- Technology
Let’s first start with poor Joe. What was the cause of his loss, or why did it happen? According to the article, it was a computer virus that was able to capture his credentials and shuttle them off to some unsavory individual who then stole his money. Let’s work backwards a little bit. The threat agent (the cause of the loss) here in this case was technology-based (a computer virus) and the possible controls that could have reduced the risk of having Joe’s credentials stolen were:
- People: Education not to install untrusted executables/binaries
- Process: n/a
- Technology: Antivirus program
Clearly there was a failure of controls on the technology and the people side since either one of these would have prevented Joe’s computer from getting infected. But let me ask you this: do these controls exist on Joe’s side, or the online banking application’s side? The answer is Joe’s. The fact that a malicious user was able to use those credentials to steal Joe’s money is a secondary effect of the controls on Joe’s side (not the online banking application) failing. Since no control for the online banking application failed in Joe’s case, it’s unreasonable to conclude that the online banking application is dangerous to use.
Now for Mia. Same thought pattern as before. The controls that failed in her case were:
- People: Education not to trust emails claiming to be her bank
- Process: Validating the authenticity of the email
- Technology: Anti-phishing software (browser, etc.)
Again, either one of these controls could have prevented her from giving up her bank user credentials, but where was the failure? On Mia’s side, or the online bank application’s side? The answer is Mia’s. So similar to Joe’s case, the online banking application cannot be attributed to this loss and labelling online banking as dangerous based on these anecdotes is unreasonable.
You could argue that the point of the article was really trying to say that the Web makes doing online banking dangerous, but here’s the question I would ask: If you run a red light and get into an accident, do you blame bad judgement or do you blame the road (i.e., the Web)?
Before I end off, let me at least say that the point of this post was not to slam end-users (I am glad to hear that Joe and Mia were able to recover from their losses). It was meant to be an opportunity to share with you my thought process, and how we can use the framework of thinking about security in terms of people, process and technology to separate fact from FUD, the wheat from the chaff if you will. What are your thoughts?
–Kevin