The Federal Financial Institutions Examination Council (FFIEC) has issued a statement encouraging US banks to safeguard the cybersecurity of interbank messaging and payment networks. This follows on from the Federal Bureau of Investigations (FBI) warning of a “malicious cyber group” hitting a foreign bank and telling US FIs to pay particular attention to potentially fraudulent international transfer requests. In February, hackers stole $81 million from Bangladesh’s account with the Federal Reserve Bank of New York. They used the Bangladesh central bank’s SWIFT credentials to transfer money to accounts in the Philippines. It later emerged that other banks had been the targets of cybercrooks through the network.
The statement by IFFIEC, a group of US banking regulators, advised “financial institutions, consistent with existing regulatory expectations, to actively manage the risks associated with interbank messaging and wholesale payment networks.” It also stressed that financial institutions should review risk-management practices and controls related to IT systems and wholesale payment networks, including risk assessment; authentication, authorisation and access controls; monitoring and mitigation; fraud detection; and incident response. For the full article click here
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