The Federal Financial Institutions Examination Council issued a statement, "Cyber Attacks Involving Extortion," Tuesday alerting financial institutions of the increasing frequency and severity of this particular breed of cyber attacks.
Cyber attacks against financial institutions to extort payment in return for the release of sensitive information are increasing, the FFIEC said.
"Financial institutions should address this threat by conducting ongoing cybersecurity risk assessments and monitoring of controls and information systems," the statement read. In addition, the council said financial institutions should implement effective business continuity plans for responding to this type of cyber attack to ensure the resiliency of their operations.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
