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FFIEC Releases Statement on Cyber Attacks Involving Extortion
Thursday, November 5, 2015 6:35 AM

The Federal Financial Institutions Examination Council (FFIEC) members on Tuesday issued a statement alerting financial institutions to the increasing frequency and severity of cyberattacks involving extortion.

The statement describes steps financial institutions should take to respond to these attacks and highlights resources institutions can use to mitigate the risks posed by such attacks.

Cyberattacks against financial institutions to extort payment in return for the release of sensitive information are increasing. Financial institutions should address this threat by conducting ongoing cybersecurity risk assessments and monitoring of controls and information systems. In addition, financial institutions should have effective business continuity plans to respond to this type of cyberattack to ensure resiliency of operations.

Financial institutions are also encouraged to notify law enforcement and their primary regulator or regulators of a cyberattack involving extortion.

More information about financial institution cybersecurity, including information about mitigating the effects of destructive malware and other threats, is available from the FFIEC at ffiec.gov/cybersecurity.htm.