FFIEC Warns Of Rising Cyberattack Threats
Federal Financial Institutions Examination Council members notified financial institutions about the growing threat of cyberattacks on ATM and card authorization systems.
“The members are aware of a recent increase in cyberattacks launched in connection with this fraud, to gain access to, and alter the settings on, ATM web-based control panels used by small to medium-size financial institutions,” said an FFIEC statement on Wednesday.
“The members expect financial institutions to take steps to address this threat by reviewing the adequacy of their controls over information technology networks, card issuer authorization systems, ATM usage parameters, and fraud detection processes,” the statement also said.
The FFEIC also warned about the continued distributed denial of service attacks on public-facing websites. FFIEC urged financial institutions to establish effective response systems to combat DDoS threats.
“Each institution is expected to monitor incoming traffic to its public website, activate incident response plans if it suspects that a DDoS attack is occurring, and ensure sufficient staffing for the duration of the attack, including the use of pre-contracted third-party servicers, if appropriate,” the FFIEC said.
The FFIEC, established in March 1979 to prescribe uniform standards for financial institutions, has six voting members including chairman of the FDIC, a governor of the Fed, chairman of the board of the NCUA, the Comptroller of the Currency, director of the CFPB and chairman of the State Liaison Committee.