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When most people think of Hacking, they envision malevolent hackers hunched over Matrix-style screens in basements, typing in dark digital text and attempting to break into an entire network with their supercomputers. The reality, however, is much more complex and involves a variety of hacking techniques, tools, and strategies.

There are several risks associated with hacking that can be particularly damaging to banks and financial institutions: financial loss, reputational damage, regulatory non-compliance, and identity theft. Banks and other financial institutions need to implement robust cybersecurity measures, regularly test their systems for vulnerabilities, and provide regular security awareness training to employees. This will help mitigate the risks of cyber threats and protect customers’ sensitive information and transactions.

Black hat hackers are malicious, and they typically hack for their own self-serving motives, such as money or fame. These individuals often gain access to a business’s IT environment, steal confidential data, or disrupt computer services by infecting computers with malware and ransomware. They also may exploit vulnerabilities to extort funds or cause other harm.

A hacker’s most common technique is social engineering, which involves studying a company’s online presence and physical materials for keywords and phrases. This may involve scouring social media, marketing campaigns, and product manuals for word lists that can be used to crack a password or hack into a system. It can even include spidering, which involves combing through a business’s physical handbooks and training materials for words and phrases to use in brute force or dictionary attacks.