Cyber Attack on at least one bank a week!

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According to the latest survey conducted by UK’s city watchdog The Financial Conduct Authority, cyber hackers are targeting at least one bank in a week from 2016, compared to five in 2014. And the watchdog adds in its report that most attacks go unnoticed, as banks try to cover up the issue in an attempt to protect their reputation.

The severity in some cases is such that the attacks on lenders are costing customers an estimated 8 million pounds in 2016, up by 122% on 2015.

Security firm ThreatMatrix disclosed the above-said numbers along with the fact that customers are being left in dark, making it impossible to tell how safe is the world of online banking to them.

On a condition of anonymity, a spokesperson from a noted UK lender cited commercial confidentiality as a reason for staying silent. One insider suggested that revealing such info might encounter further attacks.

So, the FCA is considering plans to force banks to publish details of major cyber attacks in their quarterly updates.  And Lloyds, HSBC, Barclays, Santander and Natwest owner Royal Bank of Scotland have already received a request from the FCA to do so. And the said financial institutions have agreed to oblige.

Meanwhile, Consumer Financial Protection Bureau (CFPB)  of United States has warned all financial institutions operating in America against upcoming cyber threats. The financial regulatory authority of US has agreed that hackers are becoming a menace to organizations which are into financial business.

Also, CFPB issued a special warning against North Korean hackers who are always on the prowl in cyber space in search of soft targets which could fund their country’s nuclear ambitions.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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