The OCC has issued a new report discussion the semiannual risk perspective. These days, financial institutions are facing many different threats in the online world. Malware, ransomware, data breaches, and social engineering are just some of the potential circumstances to deal with. No one will be surprised to hear virtual currencies got a mention as well.
The entire report by the National Risk Committee goes to show banks have a lot of problems to worry about. That is, other than losing customers and not being able to keep up with innovation in the financial sector. Particularly the weak underwriting of credit risk is a thorn in the side of the report committee.
OCC Report Condemns Cyber Attacks And Virtual Currencies
But at the same time, the number of cyber threats continues to expand at an alarming rate. Institutions and all of their employees remain extremely vulnerable to cyber attacks. Phishing attacks can be executed successfully, tricking staffers into thinking emails contain an attachment they need to open. These attachments will usually contain remote access tools, giving criminals access to the institution’s infrastructure and applications.
The report also makes a mention of the cyber threats leading to misuse of the interbank network Swift. Albeit Swift itself