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The Department of Homeland Security has sounded an alarm about Backoff, a relatively new type of malware. The warning was directed mainly at retailers' point-of-sale networks, but banks are also susceptible.
August 4 -
The Department of Homeland Security has issued an alert about the potential risks of data breaches at the point of sale caused by a type of malware known as Backoff, which has already affected more than 1,000 businesses.
August 25 -
The theft of 4.5 million customer records from Community Health Systems could bring a wave of identity theft and illustrates the need to eradicate the Heartbleed bug from banks' networks.
August 21 -
Given Americans' heightened concerns over cybersecurity, banks should reconsider the notion of promoting card use for every transaction, according to Douglas Ceto of CetoLogic.
August 20
JPMorgan Chase & Co., the biggest U.S. bank, said it increased defenses against computer hackers after an attack against the industry this month.
The lender is taking additional steps to safeguard sensitive and confidential information, Patricia Wexler, a spokeswoman for the New York-based bank, said today in an e- mail, declining to give specific examples. JPMorgan will contact any customers that might have been affected, Wexler said, adding that the firm hasn't seen unusual fraud levels.
JPMorgan was among at least five banks targeted in the coordinated attack on financial institutions in recent weeks, a U.S. official said yesterday. The assault led to the theft of customer data that could be used to drain accounts, according to another person briefed by U.S. law enforcement. Both asked not to be identified because U.S. probes are continuing.
Chief Executive Officer Jamie Dimon, 58, has warned shareholders in annual letters that hackers' efforts to breach the bank's computers were growing more frequent, sophisticated and dangerous. The firm expected to boost yearly spending on cybersecurity to about $250 million by the end of 2014, with 1,000 workers dedicated to the effort, he wrote in April.
"We're making good progress on these and other efforts, but cyberattacks are growing every day in strength and velocity across the globe," Dimon said in that letter. "It is going to be a continual and likely never-ending battle to stay ahead of it -- and, unfortunately, not every battle will be won."
During attacks this month, hackers targeted banks' customer and employee information, said a third person involved in the investigation, who was also briefed by the government. The theft involved gigabytes of data, said several people familiar with the case. The scale indicates a potential for significant financial fraud.
Past thefts of financial information have mainly involved retailers or consumers' personal computers. Stealing data from big banks is rare, because they have elaborate firewalls and security systems.
