Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybercrime

US Banking Sector Too Vulnerable to Hackers: FSOC Report

WASHINGTON – US authorities charged with overseeing the financial sector are worried about its vulnerability to cyberattacks, they said in a report published Thursday.

WASHINGTON – US authorities charged with overseeing the financial sector are worried about its vulnerability to cyberattacks, they said in a report published Thursday.

“Security threats in cyberspace are not bound by national borders and can range widely from low to high security risks,” wrote the Financial Stability Oversight Council in its 2013 annual report.

Banks Vulnerable

The council is worried, in particular, about the increasing skill of hackers attacking the US financial system.

Making reference to a series of cyber attacks that targeted several of the biggest US banks toward the end of 2012, the FSOC noted “the knowledge and skill of the attackers appeared to increase over time.”

In an attempt to protect the financial system against these attacks, the FSOC proposed “enhancing cross-sector cooperation, particularly with industries upon which the financial sector is dependent, such as energy, power, and telecommunications.”

“Public-private partnership improvements in the analysis and dissemination of robust information to improve real-time responses to cyberattacks will enhance incident management, mitigation, and recovery efforts,” the report added.

Related: Sophisticated DDoS Toolkit Used in Recent Bank Cyber Attacks

Related: Cyberattack Capable of Downing Entire Internet Is Unlikely  

Related: Hackers’ Threatened Internet Shutdown Unlikely to Work

Written By

AFP 2023

Click to comment

Expert Insights

Related Content

Cybercrime

Zendesk is informing customers about a data breach that started with an SMS phishing campaign targeting the company’s employees.

Cybercrime

The release of OpenAI’s ChatGPT in late 2022 has demonstrated the potential of AI for both good and bad.

Cybercrime

A new study by McAfee and the Center for Strategic and International Studies (CSIS) named a staggering figure as the true annual cost of...

Cybercrime

The FBI dismantled the network of the prolific Hive ransomware gang and seized infrastructure in Los Angeles that was used for the operation.

Mobile & Wireless

Technical details published for an Arm Mali GPU flaw leading to arbitrary kernel code execution and root on Pixel 6.

Mobile & Wireless

Apple rolled out iOS 16.3 and macOS Ventura 13.2 to cover serious security vulnerabilities.

Cloud Security

VMware vRealize Log Insight vulnerability allows an unauthenticated attacker to take full control of a target system.

Mobile & Wireless

Apple’s iOS 12.5.7 update patches CVE-2022-42856, an actively exploited vulnerability, in old iPhones and iPads.