Our speaker on Tuesday mentioned an interesting fact that most ATMs in the world rely on outdated operating systems. I found this fact interesting and researched it further. It turns out that 95 percent of the world’s ATMs run on Windows XP, a 12-year old operating system. This fact has been in the news recently because Microsoft will stop supporting Windows XP in a matter of days on April 8. The very reason that Microsoft is no longer supporting XP causes concern for ATM users: “XP no longer meets the needs of modern computing and doesn’t have the cyber-security safeguards in place to protect against the current generation of threats.” Banks have had plenty of time to switch over to newer technologies because Microsoft announced the April 8 date back in 2007. While some banks, like JP Morgan Chase, have purchased service extensions, others will let their ATM technology go unserviced. This fact puts banks and their customers at risk for cyber attacks that are becoming more and more sophisticated every day. The average consumer has no way of telling if they are using an unserviced ATM. Customers around the world will be nervous to use an ATM, but few people in developed countries will stop using them. We know that our banks and governmental regulatory agencies insure our money if hackers steal it. But people in developing nations, where there is often little trust in the financial sector or government will be even less likely to trust technology that is meant to make their lives easier. If hackers do steal money from people who use ATMs, there may not be any ways to get that money back. Unserviced ATMs are a vulnerability that hit developing countries especially hard.
6 April 2014
ATMs at risk
This entry was posted on Sunday, April 6th, 2014 at 5:17 pm and tagged with ATMs, Banks, consumer confidence, Cyber Security, Finance, Microsoft, Windows XP and posted in Business & Economy, Cyber Security. You can follow any responses to this entry through the RSS 2.0 feed.
3 responses to “ATMs at risk”
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