As Concerns of Cyberattacks Grow, Banks Look to New Means to Protect Networks

By Colby Adams

U.S. financial institutions are reevaluating their cybersecurity controls in light of increasingly complex online attacks aimed at stealing client funds and data, according to experts. The reviews, some of which have come in response to a confidential U.S. Treasury Department advisory, have coincided with recent disclosures by the Society for Worldwide Interbank Financial Telecommunication (Swift) that unidentified hackers managed on at least two occasions to access and send fraudulent payment instructions over the Brussels-based consortium's financial messaging platform. The incidents prompted department officials to quietly circulate warnings that such attacks could be repeated on a scale large enough to disrupt...