FFIEC warns of network, interbank messaging cyber risks
June 8, 2016 -- Active management of risks associated with interbank messaging and wholesale payment networks is necessary to prevent financial institution losses and compliance risk – especially since cyber attacks have recently have targeted these functions, the FFIEC warned in a statement today.
According to FFIEC, the cyber attacks targeting interbank messaging and wholesale payment functions were aimed at originating unauthorized transactions. “
The FFIEC also noted that financial institutions should review risk-management practices and controls related to information technology systems and wholesale payment networks, including risk assessment; authentication, authorization and access controls; monitoring and mitigation; fraud detection; and incident response.
Prevention of these attacks is among the many topics to be explored at the 3rd Annual NASCUS/CUNA Cybersecurity Symposium, set for Aug. 1-2 in Chicago. The two-day session also looks at such security topics as Six Things You Can Do Right Now to Improve Your Information Security; Choosing the Right Cybersecurity Risk Assessment Tool; Building a Cyber Threat Intelligence Capability; Cybersecurity, Anti-Money Laundering, and Identity Theft Red Flags; Cybersecurity and AIRES; Is it Safe?: Using the Cloud, and; Conducting an Information Security Examination.