December 14, 2012

News this week that a fresh round of cyber attacks on 30 major U.S. banks are planned for early 2013gives us a reminder that financial institutions can never take a moment's breather when it comes to cyber security.

[See Also: Cyber Attack Shows Need For Cooperation]

According to security firm McAfee, around 30 financial institutions -- including PayPal, Citibank, Wells Fargo, Capital One, Navy Federal Credit Union and others -- are the target of the attack, dubbed "Project Blitzkrieg."

The attacks involve cybercriminals “cloning” customers’ home computers so that security questions are not triggered as if the account is being accessed from an unrecognized location, according to published reports. Cyber criminals would utilize a Trojan malware virus has been lying dormant for years to accomplish this.

It was just in September that a group calling itself the "Cyber fighters of Izz ad-din Al qassam," took credit for a number of attacks against U.S. banks and the New York Stock Exchange.

Sometimes, it's easy to forget that banks are under a near-constant attack from cyber criminals. As the world becomes more mobile, and bank customers access their information through numerous devices in an always connected world, the need for vigilant cyber security will only become greater.

ABOUT THE AUTHOR
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...