By: Joe Gillen
Several months after a large-scale cyber attack rendered many banks' websites unavailable to customers, some people may have believed these aggressions were over. However, another round of attacks have targeted some of the nation's largest institutions, as well as the security firms that shield them, highlighting the need for banks and credit unions of all sizes to be prepared.
JPMorgan Chase and BB&T have announced that a string of attacks caused their websites to go down and temporarily suspended service for some customers. Another half dozen institutions also reported website failures, and Radware, a security firm that investigates cyber intrusions for financial firms, told American Banker that the attacks were launched on a new scale. Carl Herberger, a vice president of security solutions at Radware, told American Banker that the events were the "largest attacks we've seen to date in scale."
"The one that was advertised to the world was Chase, but I can tell you that almost on an hourly basis banks were being attacked, which is a very substantial campaign" he added.
Buffering up security
Many bank consultants and experts explain that the difficulty most banks and credit unions face is trying to combat the sophisticated technology hackers are using to infiltrate secure bank systems. To date, the criminals responsible for the breaches have not been able to access consumers' personal information and no accounts have been compromised. However, many customers may be concerned about the rising number of attacks, making it important that financial institutions are transparent and open with individuals.
For example, local institutions should highlight the safeguards they have in place to protect consumer data and their continuing efforts to seek solutions to combat these crimes. Many individuals may be tempted to switch banks if they don't feel their institution is implementing the proper security measures.
In addition, it's important that banks and credit unions educate customers and members on best practices for lowering the risk of fraud. This may include only signing on to accounts via secured networks - particularly if using their mobile devices. Many criminals operate by sending out phishing emails disguised as a bank or credit union and request personal account details and information. Because these emails may appear legitimate, institutions should also inform customers that they will never request this type of data through the internet.