Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

Dozens of cyber breaches recorded by US Federal Reserve

3/06/2016 by Sharon Shahzad

W1siziisijiwmtyvmdyvmdmvmtmvmjcvndqvndq2l1nly3vyaxr5lmpwzyjdlfsiccisinrodw1iiiwinjawedqwmfx1mdazzsjdxq

About Us

Montash is a multi-award winning global technology recruitment business. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions, including:

ERP Recruitment, BI & Data Recruitment, Information Security Recruitment, Enterprise Architecture & Strategy Recruitment , Energy Technology Recruitment, Demand IT and Business Engagement Recruitment, Digital and E-commerce Recruitment, Leadership Talent, Infrastructure and Service Delivery Recruitment, Project and Programme Delivery Recruitment.

Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

New data from the US Federal Reserve has shown that dozens of cybersecurity breaches have been recorded between 2011 and 2015. Several of these incidents have been described as espionage, showing that it’s not only criminals that pose a risk, but also foreign spies. It shows that even major organisations are open to breaches, and all companies, regardless of their size, must take actions to protect themselves.

With the Federal Reserve’s records being available through the Freedom of Information Act, it was discovered that, though records are heavily redacted, the attacks on major banking systems is an extremely important issue. The information doesn’t reveal which banks were hacked, or whether criminals stole money or accessed sensitive data. However, it’s clearly shown that the central bank suspects spies and hackers for many of the incidents.

Having reviewed 50 of the files obtained by Reuters, cybersecurity expert James Lewis said: “Hacking is a major threat to the stability of the financial system. This data shows why.”

Espionage is one concern for many nations, with foreign governments standing to gain a lot of insights into their neighbours and enemies if central banking information can be gathered. For example, both Russia and China are huge players in the federal debt market, estimated to be worth $13.8 trillion. The Federal Reserve plays a major part in determining interest rates. Former White House cybersecurity advisor Ari Schwartz said: “Obviously that makes it a very clear (hacking) target for other nation states.” It was only in March that prosecutors from the US accused hackers normally associated with the government in Iran of coordinating cyber-attacks on many American banks.

The Reuters records examined also suggested that spying might also be conducted by private companies. Individuals, such as British activist Lauri Love, might also be behind some of the attacks, though no names are actually mentioned.

The records clearly show that the Federal Reserve is aware of numerous attacks against it, and that cybersecurity is becoming increasingly important if both private and public bodies want to protect themselves. Currently, the US makes use of the National Incident Response Team (Nirt), the organisation that created 263 of the reports seen by Reuters.

With many attacks being experienced by the Federal Reserve, it goes to show how important cybersecurity is. Safeguarding company data must be a high priority for all organisations if they want to reduce the potential damage done by a future breach.

 

 

 

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtyvmtivmdcvmtavmdyvndkvntg0l0vudgvychjpc2ugcmvzb3vyy2ugcgxhbm5pbmcgy29wes5qcgcixsxbinailcj0ahvtyiisijm4mhgxmdajil1d

Infor launches new mobile solution

2016-12-07 09:00:00 +0000

Infor, one of the global leaders in enterprise resource planning (ERP) software, has revealed that it is launching a new mobile solution. The company, which has focused on developing specialised business applications for a variety of industries, unveiled Infor Mobility for Field Service (MFS). The solution is a comprehensive mobility application that can streamline operations for employees working in the field. To ensure that field technicians are provi...

W1siziisijiwmtyvmtivmdyvmdkvmjcvmtavnze4l2nsb3vkihrly2hub2xvz3kgc2vydmljzxmuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

AI continues to infiltrate cloud computing se...

2016-12-06 09:00:00 +0000

With Google and Microsoft both already working on artificial intelligence (AI) software for their cloud services, it has been revealed that Amazon is now to join the battle. The internet giant is to prioritise developing AI for Amazon Web Services (AWS), the division that sells data storage and computing to IT professionals around the world. AWS is currently the fastest-growing division for Amazon, with the past year having seen sales soar by 60 per cen...