US banking sector too vulnerable to hackers, report says

Apr 26, 2013
The skyline of lower Manhattan is seen from the Staten Island Ferry prior on October 28, 2012 in New York City. US authorities charged with overseeing the financial sector are worried about its vulnerability to cyberattacks, they said in a report published Thursday.

US authorities charged with overseeing the financial sector are worried about its vulnerability to cyberattacks, they said in a report published Thursday.

"Security threats in cyberspace are not bound by national borders and can range widely from low to high security risks," wrote the Oversight Council in its 2013 annual report.

The council is worried, in particular, about the increasing skill of hackers attacking the US financial system.

Making reference to a series of that targeted several of the biggest US banks toward the end of 2012, the FSOC noted "the knowledge and skill of the attackers appeared to increase over time."

In an attempt to protect the financial system against these attacks, the FSOC proposed "enhancing cross-sector cooperation, particularly with industries upon which the is dependent, such as energy, power, and telecommunications."

"Public-private partnership improvements in the analysis and dissemination of robust information to improve real-time responses to cyberattacks will enhance incident management, mitigation, and recovery efforts," the report added.

Explore further: LinkedIn membership hits 300 million

add to favorites email to friend print save as pdf

Related Stories

US finance sector warned of cyber attacks

Sep 19, 2012

A US financial industry group warned banks and other institutions to beware cyber attacks Wednesday, after some firms reported sporadic problems with their websites.

Obama setting up better security for computers

May 29, 2009

(AP) -- America has for too long failed to adequately protect the security of its computer networks, President Barack Obama said Friday, announcing he will name a new cyber czar to take on the job.

Recommended for you

LinkedIn membership hits 300 million

Apr 18, 2014

The career-focused social network LinkedIn announced Friday it has 300 million members, with more than half the total outside the United States.

Researchers uncover likely creator of Bitcoin

Apr 18, 2014

The primary author of the celebrated Bitcoin paper, and therefore probable creator of Bitcoin, is most likely Nick Szabo, a blogger and former George Washington University law professor, according to students ...

White House updating online privacy policy

Apr 18, 2014

A new Obama administration privacy policy out Friday explains how the government will gather the user data of online visitors to WhiteHouse.gov, mobile apps and social media sites. It also clarifies that ...

User comments : 0

More news stories

Ex-Apple chief plans mobile phone for India

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

Health care site flagged in Heartbleed review

People with accounts on the enrollment website for President Barack Obama's signature health care law are being told to change their passwords following an administration-wide review of the government's vulnerability to the ...

A homemade solar lamp for developing countries

(Phys.org) —The solar lamp developed by the start-up LEDsafari is a more effective, safer, and less expensive form of illumination than the traditional oil lamp currently used by more than one billion people ...

NASA's space station Robonaut finally getting legs

Robonaut, the first out-of-this-world humanoid, is finally getting its space legs. For three years, Robonaut has had to manage from the waist up. This new pair of legs means the experimental robot—now stuck ...

Filipino tests negative for Middle East virus

A Filipino nurse who tested positive for the Middle East virus has been found free of infection in a subsequent examination after he returned home, Philippine health officials said Saturday.

Egypt archaeologists find ancient writer's tomb

Egypt's minister of antiquities says a team of Spanish archaeologists has discovered two tombs in the southern part of the country, one of them belonging to a writer and containing a trove of artifacts including reed pens ...