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Regulators Request Banks To Improve Network Security

US financial regulators have asked that all banks do their best to boost network security after companies have gone through a flurry of cyber attacks. The Federal Financial Institutions Council recommended that banks perform regular risk assessments as well as keeping customers informed about any online banking security issues.

The Council urged that all banks demand more than one form of customer authentication since hacking often occurs via keyloggers, where passwords are stolen on personal computers.

So far, banks have lost over $15 million this year from fraudulent activity and they are warned to increase security measures before another attack occurs.

Although Turkey and Spain have already arrested 35 individuals from the hacking group, Anonymous, that is only a small fraction of the large number of cyber terrorists out there.

In addition to the request, the US Department of Commerce is considering giving banking companies rewards as incentive to improve network security. Nothing official has been set in stone, but all that is being decided upon.

I am glad that the US government has decided to say something to the banks. I am sure banks have already been on alert during the frenzy of attacks, but it’s always nice to know that the government is reinforcing the idea of taking extra precautions. I always like to think of the Internet as a data highway, with network security being the workers at the toll booth.

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