SWIFT Attacks Prompt US Banking Regulators to Tackle Cyber Security

US banking regulators are focusing on Cybersecurity Cybersecurity Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Read this Term risks and controls for financial institutions after attacks earlier this year involving the global financial network SWIFT.

According to Reuters, the regulators said that the US Treasury Department's Office of the Comptroller of the Currency (OCC) is drafting guidance on interbank messaging and wholesale payment systems.

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Updated Guidance

Updated guidance is expected to be provided to US banking officials outlining key controls and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term practices that should be assessed as part of supervisory oversight.

The OCC's examination teams frequently address developing issues, such as the recent reports of cyber-attacks involving SWIFT as part of their ongoing supervision activities.

As recent hacks illustrate, cybersecurity and the potential for future attacks is an ongoing concern, hence regular updates from banking regulators becoming an integral part of the security process.

Continuing Threat

Cyber attacks continue to pose an increasing threat to the financial sector. Finance Magnates recently reported how new data had revealed that financial malware attacks increased by 16 percent in the second quarter of this year.

After infecting users, banking Trojans can mimic an official online banking page in an attempt to steal users’ personal information, such as bank account details, passwords, and payment card details.

Now that malware tools are increasingly advanced, and cyber attackers are increasingly aggressive, greater oversight and collaboration between organisations in the financial sector for fighting cyber crime has become a necessity.