Big Banks Facing Increase in Cyberattack Attempts

Federal officials are stepping up their warnings to large U.S. banks as some of them have seen an increase in attempted cyberattacks recently.

The Wall Street Journal reports that regulators have asked banks, including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co., to monitor attempts by hackers as they search for weakness in their networks.

"Financial institutions are attractive targets to hackers because of their wealth of sensitive consumer information," the article notes. "Moreover, a successful attack on a financial institution has the potential to cause market turmoil."

Cybersecurity is an ongoing concern for all entities that hold consumers' personal information. Just last week, Facebook announced a breach that let attackers "hijack user profiles," which affected some 90 million users, KrebsOnSecurity reported.

Financial institutions are held to strict data security standards under the Gramm-Leach-Bliley Act. CUNA and the state Leagues have been pressing Congress to enact legislation to subject retailers and other businesses that have access to customers’ personal financial data to those same standards and hold them financially accountable for any breaches on their part.

Credit union professionals, volunteers and members are encouraged to use the Take Action page of CUNA’s Stop the Data Breaches Web site to urge their representatives in Congress to pass comprehensive data security standards for all retail merchants.

in Industry News