Data breaches

Many financial criminals are switching to a more sophisticated kind of identity theft in which they open accounts based on stolen identities, or on composites of information stolen from different people.

Regulators need to start paying attention to "denial-of-system" attacks as one of the triggers that could bring down a systemically important institution.

The chief executive officer of Swift, the interbank messaging system embroiled in a global bank-hacking controversy, says to expect more information about breaches to emerge as fully armoring the network's defenses is likely to take years.

The drumbeat of news about hackers stealing millions of dollars by gaming the Swift interbank messaging system should have been a wake-up call for banking executives, but it's unclear how many of them answered it. Is it too late for them to shore up their defenses?

The Federal Reserve detected more than 50 breaches of its computer systems from 2011 to 2015, Reuters reported, adding to signs that the central bank may be vulnerable to hackers or spies.

A recent spate of breaches on Asian banks that allowed hackers access to the Swift network have resulted in finger pointing, and some calls for creating a new, more secure network. But the issues faced by Swift would likely be the same with any replacement network.

Everyone agrees that electronic transactions should be as safe as possible, but a PIN mandate will not prevent online or mobile fraud.

WASHINGTON — Seven financial trade groups announced Monday that they are banding together to push legislation that would extend banklike data security standards to retailers and nonbank businesses.

Huntington Bancshares is the latest institution to add a cybersecurity expert to its board, highlighting the growing importance of guarding against hackers and other online dangers.

The rub is that the global messaging system's security is only as strong as the weakest link.