Cyber attacks like hacking put not only sensitive information but also huge sums of money at risk. Not far from home, the hacking of the Bangladeshi central bank’s account from the Federal Reserve Bank of New York in February led to $81 million in stolen money getting laundered in Philippine casinos after entering the country through the financial system.
Banks are on their toes, and are now working to beef up online security measures to protect themselves and their customers.
“Online security is a continuing effort. Banks constantly exert efforts to update their security software and protocols. On the other hand, cyber-criminals also exert efforts to overcome bank security. So banks redouble efforts in reaction,” East West Banking Corp. president and chief executive Antonio C. Moncupa Jr. said.
With banking customers using their mobile devices for an increasing share of their transactions, there are more opportunities than ever for cyberattacks. This includes attacks targeting financial institutions’ IT infrastructure as well as attacks directed at mobile devices and areas with unsecured or under-secured Wi-Fi access. This is why it is so important for banks and credit unions to ensure that their IT environments are secure and have the latest security updates available. It’s also important for FIs to educate their customers and members on the importance of keeping their devices secure and updated with the latest security and operating system updates.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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