- DAVID REILLY - http://blogs.wsj.com/moneybeat/2015/06/21/banks-barraged-by-cyber-stickups/
Speak to any bank regulator nowadays and they will freely admit the threat of cyber-attacks is what keeps them up at night.
No wonder. A congressional hearing last week stressed that financial firms remain very much on the front lines of cyber battles. And that incoming fire is coming from all directions – criminal organizations, terrorists, nation states and hacktavists.
What’s more, the threat is persistent. In his testimony, Frank Cilluffo, director of the Center for Cyber and Homeland Security at The George Washington University cited figures provided to him recently by a major, unnamed U.S. bank. He said that in just the last week, the firm had faced 30,000 cyber-attacks. “This amounts to an attack every 34 seconds, each and every day,” Mr. Cilluffo said. He added that about 22,000 of them came from criminal organizations and about 400 from nation states.
Even more chilling: the 30,000, Mr. Cilluffo said, “are just the attacks that the bank actually knows about.” When it comes to the cyber threat facing banks, what goes bump in the night is scary indeed.