ATMs Globally At Risk Of Hacking And Viruses From April 8

Thursday, March 20, 2014
By Paul Martin
20 March 2014

Banking operations globally, including ATMs throughout the world, are threatened as support from Microsoft for Windows XP operating system will end from Tuesday, April 8. Windows XP also powers medical devices, industrial control systems and some of the hardware used for swiping credit cards.

More than 95% of ATMs also run the operating system, according to NCR, the largest provider of ATMs globally. It expects only a third of ATM providers will upgrade before Microsoft’s April 8th cut-off according to the Financial Times.

Banks are being asked to take immediate steps to prevent their ATMs becoming inoperational. The end of support for Windows XP is likely to increase the probability of attacks on such antiquated systems and may affect ATM operations according to Microsoft.

From April 8, 2014, Microsoft will stop issuing updates and patches for bugs in its Windows XP operating systems, which was released in 2001. It may be difficult to defend such attacks in the absence of Microsoft support. Microsoft themselves and experts have said that the probability of attacks is 100%.

Many banks have failed to upgrade their systems, including ATMs, and may still be working on Windows XP. They are being advised both by Microsoft and indeed by some central banks to take immediate steps to implement appropriate systems and controls.

The financial system remains vulnerable with much unappreciated technological and systemic risk. Owning non digital, physical bullion coins and bars in segregated, allocated accounts in Singapore is now one of the safest ways to own precious metals.

The Rest…HERE

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