SWIFT Attacks Prompt US Banking Regulators to Tackle Cyber Security

US banking regulators are honing in on cyber security risks after recent attacks on the global financial network SWIFT.

US banking regulators are focusing on cyber security 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 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.

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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.

 

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